According to CoinMarketCap information, the overall 24-hour volume of significant South Korean crypto exchanges UPbit, Bithumb, Coinone, and Korbit totaled up to over $ 14.6 billion on Sunday. On Friday, the exact same metric was approximately $ 14.5 billion on the Korea Composite Stock Price Index, or KOSPI, and $ 10 billion on the Korean Securities Dealers Automated Quotations, or KOSDAQ.
The boost in volume came as the price of Bitcoin (BTC) struck a brand-new all-time high of over $ 61,000 on Saturday.
It needs to be kept in mind that trading volumes appearing on CoinMarketCap are not constantly thought about precisely. Due to the fact that of volume inflation, this is. CoinMarketCap has actually presented numerous various efforts to combat inflated volumes. The numbers priced estimate there are greater than those seen at, for example, Messari.
South Korean Stock Market Obstacles
Some South Korean crypto exchange have actually experienced regulative and business issues in the past year. In August, regional authorities took Umkoin, the nation’s third-largest cryptocurrency exchange. The platform was implicated of falsified 99% of the deal volume through wash trading. Information from CoinMarketCap reveals that Umkoin’s 24-hour trading volume is presently simply over $ 900 million.
In addition, the primary arm of the South Korean cryptocurrency exchange, Binance, revealed the completion of operations in January. The platform described the diminishing liquidity and low trading volume of its BKRW trading sets. Bithumb, the nation’s second-largest stock market by volume, revealed recently that it would carry out brand-new anti-money laundering (AML) and KYC steps.