Bitcoin

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April

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/upbit-exchange-witnesses-fluctuating-trading-volumes-amid-market-dynamics" rel="noopener noreferrer nofollow">Upbit Exchange Witnesses Fluctuating Trading Volumes Amid Market Dynamics</a><br></p>
<p style="text-align: justify">South Korea’s leading <a href="https://en.bitcoinhaber.net/crypto-investment-surge-okx-ventures-and-the-early-bird-advantage" rel="noopener noreferrer nofollow">cryptocurrency</a> exchange, Upbit, experienced a dramatic swell in its 24-hour trading volumes at the start of March, hitting a peak before plunging down to $3.8 billion in early April. The exchange’s record-breaking day came on March 5th, when it saw around $15 billion in daily trades, marking the most substantial volume for the year.</p>
<h2 id="trading-surge-linked-to-bitcoin-s-highs">Trading Surge Linked to Bitcoin’s Highs</h2>
<p style="text-align: justify">This significant rise in trading activity on Upbit coincided with <a href="https://en.bitcoinhaber.net/bitcoins-price-nears-70000-market-dynamics-and-future-expectations" rel="noopener noreferrer nofollow">Bitcoin</a> reaching a new high, with the cryptocurrency peaking at $69,200. Contributing to this spike were large investments into new Bitcoin spot exchange-traded funds (ETFs) in the US. Particularly noteworthy was the all-time high Bitcoin price on Upbit, which surged to 96,734,000 South Korean won, or $72,504 – a figure exceeding international levels.</p>
<p style="text-align: justify">This phenomenon, known as the ‘Kimchi Premium’, highlights the occasional higher prices of Bitcoin on South Korean exchanges compared to global averages. However, this heightened trading activity was short-lived, with volumes dipping to $2.6 billion by the end of March.</p>
<h2 id="dynamics-of-upbit-s-market-performance">Dynamics of Upbit’s Market Performance</h2>
<p style="text-align: justify">As reported by CoinGecko, Upbit’s trading volume on April 1st steadied at $3.8 billion. Upbit’s parent company, Dunamu, witnessed an 81% drop in net profit in 2023, recording earnings of $23 million in late November, a stark contrast to the $123 million from the previous year.</p>
<p style="text-align: justify">This downturn was attributed to a sluggish investment climate and depreciating crypto asset values. Despite the profit slump, Dunamu remains committed to expanding Upbit, obtaining a Major Payment Institution license from Singapore’s central bank in January, which allows the provision of crypto and fiat services in Singapore.</p>
<h2 id="inferences-from-this-article">Inferences from this article</h2>
<ul>
 <li>Upbit’s trading volume is subject to significant fluctuations influenced by market trends and crypto asset prices.</li>
 <li>The ‘Kimchi Premium’ can lead to variations in Bitcoin pricing on South Korean exchanges versus international markets.</li>
 <li>Despite economic challenges, Upbit’s expansion efforts continue, as evidenced by its new license in Singapore.</li>
</ul>
<p style="text-align: justify">While Upbit’s daily trading volumes have seen ups and downs, these movements reflect broader market trends and the exchange’s strategic responses to the changing economic landscape.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/upbit-exchange-witnesses-fluctuating-trading-volumes-amid-market-dynamics" rel="noopener noreferrer nofollow">Upbit Exchange Witnesses Fluctuating Trading Volumes Amid Market Dynamics</a></h5>

Upbit Exchange Witnesses Fluctuating Trading Volumes Amid Market Dynamics

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