Bitcoin

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/significant-increase-in-crypto-trading-volume-at-south-koreas-bithumb-exchange/" data-wpel-link="internal">Significant Increase in Crypto Trading Volume at South Korea’s Bithumb Exchange</a> 
Data indicates a notable increase in cryptocurrency trading in South Korea recently. Despite the zero transaction fee trading being introduced only a few months ago, Kaiko’s latest analysis shows a significant increase in <a href="https://en.coin-turk.com/exploring-the-crypto-landscape-predictions-and-developments-for-2024/" data-wpel-link="internal">Bitcoin</a> (BTC) trading volume on the Bithumb exchange. During this period, the trading volume of the largest cryptocurrency in the exchange approached $3 billion. 
<h2 style="text-align: justify" id="strong-bithumb-s-bitcoin-trading-volume-hits-record-high-strong">Bithumb’s Bitcoin Trading Volume Hits Record High</h2> 
Bithumb, as the first major South Korean cryptocurrency exchange to eliminate all transaction fees, made a strategic move. This initiative is part of an effort to significantly increase its presence in the country’s market, which is largely dominated by Upbit. Before eliminating transaction fees, Bithumb charged its users fees ranging from 0.04% to 0.25%. The zero transaction fee policy for all supported cryptocurrencies was implemented in October of the previous year. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-305076" src="https://coin-turk.com/wp-content/uploads/2024/01/Kripto-Para-Borsasi-Bitcoin.png" alt="" width="566" height="558"> 
The decision is particularly noteworthy as the cryptocurrency exchange essentially gave up its primary source of revenue. In addition, Bithumb reported an operating loss of 3.4 billion South Korean won ($2.5 million) in the second quarter of that year. It appears that the platform prioritized expanding its customer base over revenue generation, especially in light of consistently declining earnings. The new fee policy immediately caught the attention of investors. 
Although the crypto exchange managed to increase its market share for a short time, it eventually returned to pre-policy levels. After a slight decline, Upbit’s trading volume recovered, and by the end of the year, the platform maintained an 80% market share. However, recent data reveals that Bithumb has made a significant leap over Upbit in terms of Bitcoin trading volume. In January, Bithumb’s Bitcoin trading volume approached $3 billion, while Upbit’s volume remained below $1 billion during the same period. 
The recent surge in Bitcoin volume on Bithumb occurred amidst strong buying pressure from individual investors in the country, as indicated by the record levels of the South Korea Premium. In fact, Bithumb, along with other leading cryptocurrency exchanges in the country, reached the highest trading volume in the first week of January 2024. 
<h2 style="text-align: justify" id="strong-set-to-go-public-in-2025-strong">Set to Go Public in 2025</h2> 
Bithumb is also preparing to go public on South Korea’s equivalent of Nasdaq in the USA, the KOSDAQ, in the second half of 2025. This move will make Bithumb the first publicly traded cryptocurrency exchange in the South Korean market. 
Although there has been no official announcement from Bithumb regarding this matter, the selection of <a href="https://newslinker.co/category/technology/" data-wpel-link="exclude">Samsung</a> Securities as a potential underwriter is considered a strong indication of progress towards the public offering. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/significant-increase-in-crypto-trading-volume-at-south-koreas-bithumb-exchange/" data-wpel-link="internal">Significant Increase in Crypto Trading Volume at South Korea’s Bithumb Exchange</a></h5>

Significant Increase in Crypto Trading Volume at South Korea’s Bithumb Exchange

Table of Contents

COINTURK NEWS

Other articles published on Jan 20, 2024

Why BTC Whales Are Looking Towards Pullix (PLX) Despite Analyst’s Prediction Of $200,000 Before H...

Stage three almost sold out in Pushd (PUSHD) presale, as Shiba Inu (SHIB) & Ethereum (ETH) invest...

Scotty The AI (SCOTTY) Is The Latest Exciting Crypto Project With An Animal Mascot, Learn About T...

2024 Crypto Crime Trends: Insights, Trends, Red Flags & More!

Ripple vs SEC: Ripple Has Filed Its Response Opposing the Sec’s Motion to Compel

Dogecoin (DOGE) and Shiba Inu (SHIB) investors rush to buy into the Pushd (PUSHD) presale

Join our free newsletter for daily crypto updates!