News 
Coin Information 
About us 
In a significant shift, the South Korean Won has outpaced the US Dollar in cryptocurrency trade volume for the first quarter of 2024, marking a two-year peak amid fierce competition among Korean exchanges.
South Korean Won Dominates US Dollar in Q1 Crypto Trading Amid Intense Exchange Competition
The Korean cryptocurrency markets have recently experienced a boom in trade volume, hitting levels not seen in more than two years, per CryptoPotato.
According to a Kaiko analysis, the first quarter of 2024 marked a historic milestone when the South Korean Won (KRW) overtook the United States. Dollar (USD) in terms of total trade volume.
This spike in trading activity coincides with severe rivalry among Korean exchanges and changing market dynamics. Upbit, a significant player in the South Korean cryptocurrency sector, has had a strong position since early 2021, accounting for an average market share of 82% during the last three years.
However, the landscape has become more competitive, especially during the bull run. Rivals like Bithumb and Korbit have increased their efforts to acquire market share, with Bithumb's implementation of a zero-fee policy in October 2023 having a significant impact.
Despite a 60% decline in annual income in 2023, Bithumb's market share tripled in the months after implementing the zero-fee plan. Korbit has maintained a relatively low market share, averaging less than 1% throughout 2024.
The techniques utilized by Bithumb and others have contributed to an increase in trading volume, with KRW surpassing USD in cumulative transaction volume in early March.
However, this achievement was not sustained, as KRW volumes fell in early April. Despite this, Kaiko believes that the recent legalization of spot BTC and ETH ETFs in Hong Kong could catalyze improved market sentiment across Asia-Pacific.
Uniswap Faces SEC Scrutiny, Impacting Crypto Markets as Coinbase Gains and Binance.US Falters
Meanwhile, on April 10th, Uniswap Labs announced that it had received a Wells notice from the United States. Security and Exchange Commission (SEC). Following the announcement, the UNI token price fell by more than 16%, while trading volumes increased by 3,000%.
Coinbase increased its market share in the United States, while Binance.US declined due to legal concerns following an SEC complaint in June. Binance.US today has only 0.28% of the market, a substantial decrease from its position of almost 30% last year.
Kaiko adds that last week, the 90-day correlation between BTC and the Dollar Index (DXY) plummeted to a negative 0.24, the lowest level in over a year.
The US dollar has surged due to unexpected inflation and escalating Middle Eastern tensions. However, unlike traditional safe-haven assets, BTC did not draw investor attention during this era; instead, it declined alongside other risky assets.
Photo: Microsoft Bing
Comment 0