Bithumb Tops Crypto Exchange List As Volumes In Korea Surge

Crypto exchanges in South Korea have recorded a surge in their daily trading volume over the last two days, with most seeing demand for crypto assets lead to spikes in volume over 10 percent.

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Crypto exchanges in South Korea have recorded a surge in their daily trading volume over the last two days, with most seeing demand for crypto assets lead to spikes in volume over 10 percent.

Within this timeframe, South Korea’s largest exchange and trading platform Bithumb, has seen its daily trading volume for the BTC/KRW trading pair swell.

As a result, the crypto trading pair has become the pair with most liquidity, only second to the Bitcoin/U.S dollar (BTC/USD) pair traded on BitMEX and Binance.

The reported volume ranking for crypto exchanges on XBT.net puts it in the first spot, ahead of BitMEX and Binance.

Bithumb has handled over $581 million worth of trades in the Bitcoin/Korean won (BTC/KRW) trading market and seen a total of over $3.27 billion worth of cryptocurrency processed in the past 24 hours.

Korean crypto exchanges see huge spike

Apart from Bithumb, other crypto exchanges in the Korean market have seen huge spikes in the daily trading volumes over the last few days.

Upbit, the country’s second-largest exchange has seen its trading volume surge by over 180 percent, helped by an apparent upsurge in demand for Bitcoin Cash, the fourth largest digital asset by market cap.

It is highly likely that the spike in BCH prices that saw the tokens value rise by about 47 percent this week could be responsible for volumes spiking on Upbit. For the last seven days, BCH prices have risen, gaining against BTC as well as the US dollar.

Much of this uptick is attributed to the positive sentiment surrounding its upcoming hard fork, scheduled for November 15.

That event has the support of several leading digital asset platforms, including U.S based Coinbase. The platforms have expressed confidence in the development team ABC’s vision about Bitcoin Cash’s original roadmap.

Coinbase offered to support the hardfork, which is part of “scheduled protocol upgrades” stating that:

“The next BCH hard fork is scheduled for November 15, 2018, and Coinbase is prepared to support the published roadmap from bitcoincash.org.”

Strong demand for BTC reason for surge in volume

Though there could be other reasons for the uptick in global crypto exchange volumes, the rise in daily trading volumes for Bithumb and other Korea-based cryptocurrency exchanges has a different trigger.

Most of the volume comes from recent surges in demand for Bitcoin in the aftermath of several encouraging statements from the Korean government.

First, the country’s Financial Services Commission (FSC) released a statement saying that it was legal for legacy banks to provide “virtual accounts” to cryptocurrency exchanges, which then allows these platforms to open new accounts for users.

Seoul’s Central District Court also provided a positive impetus for the crypto industry by giving a ruling that favored a local crypto exchange. The court case arose as a result of a dispute between the exchange and leading commercial bank Nonghyup.

The crypto industry also reacted positively to news that the country’s Ministry of Science and ICT was exploring the possibility of legalizing the initial coin offering (ICO) industry.

The confluence of what many see as positive news means that there is apparent progress for the cryptocurrency sector, a factor that might be triggering renewed interest in Bitcoin.

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