South Korean Traders Drive Cryptocurrency Market Growth
In recent months, South Korean traders have significantly contributed to the increasing volume of the cryptocurrency market. The share of local trading platforms has more than doubled since January, rising from 5.2% to 12.9%, according to Bloomberg.
Jamie Sly of CCData pointed out that South Korean platforms, especially domestic Upbit, played a significant role in boosting trading activity on centralized exchanges (CEX). Analysts from CryptoQuant also highlighted the influence of South Korean traders on the global growth in altcoin trading volume.
Bithumb, Korea’s second-largest exchange, is planning to enter the local stock market in 2025 through an initial public offering (IPO) on KOSDAQ, the South Korean equivalent of Nasdaq. This move aims to enhance user confidence in the exchange operations after a challenging 2023.
Hot Take: South Korea’s Crypto Influence Grows
South Korean traders are making their mark on the cryptocurrency market by driving significant growth in trading volume and influencing global altcoin trading activities. The expansion of local platforms and Bithumb’s upcoming IPO indicate a strong commitment to furthering the country’s impact on the crypto industry.
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