South Korean Crypto Market Surges Along With Bitcoin (BTC) Stability and Bitcoin Cash (BCH) Rally

The South Korean cryptocurrency market is surging as daily Bitcoin (BTC) trading volume in the country has jumped by 10-15% in the past two days.

Seoul-based crypto exchange Bithumb has processed over $666,658,444 in BTC-KRW (Korean Won) trading in the past 24 hours, according to data by CoinMarketCap. Total cryptocurrency trades for the exchange have exceeded $3.1 billion, surpassing the world’s leading crypto exchanges, including Binance and OKEx.

Source: CoinMarketCap

Meanwhile, XRP and Bitcoin Cash (BCH) have skyrocketed on Upbit. South Korea’s second largest cryptocurrency exchange currently reports a 70%+ increase in trade volume with XRP and BCH representing 44.76% and 16.43% of total volume, respectively. Bitcoin Cash is currently up 9% at $600 and XRP is up 8.7% at $.52.

Source: CoinMarketCap

From June through September the Korean crypto market appeared to be stagnant, if not shrinking. At that time, Bithumb was hacked, reporting $31 million in stolen cryptocurrency. Also in June, South Korean exchange Coinrail was hacked, losing an estimated $40 million.

The exchanges suspended deposits and withdrawals, and trading was scaled back until security issues were resolved. The resolution of these issues, combined with an announcement from Korea’s watchdog, Financial Services Commission (FSC), appears to be providing the latest market boost. According to a report by Asia Crypto Today, commissioner Choi Jong-gu says the regulator will permit cryptocurrency exchanges to obtain banking services.

As Bitcoin stabilizes, it continues to show signs of reduced volatility and market maturity. Up .39% at $6,451 at time of writing, Bitcoin has been trading between $6,000 and $6,700 since mid-September, according to data by CoinMarketCap, approaching its lowest volatility in nearly two years.


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Author: Daily Hodl Staff
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SOUTH KOREAN EXCHANGE BITHUMB SELLS TO SINGAPORE INVESTOR FOR $353 MILLION

Bithumb, South Korea’s largest cryptocurrency exchange by volume, has sold to a Singapore entity with the aim of releasing new services and stablecoins.


OFFICIALS FINALIZE MAJORITY STAKE DEAL

As Korean news outlet Naver reports October 12, BK Global Consortium paid 400 million won ($353 million) for a majority stake in Bithumb, having previously held a minority position in the company.

Under the new deal, which officials hope to finalize in the coming month, BK’s leader, plastic surgeon and investor Kim Byung-gun, will go from the exchange’s fifth-largest to the main shareholder.

Previously, the majority stake was held by BTC Korea Holdings, the equity changing hands for a conspicuously lower sum than appeared in a February evaluation of around $880 million, The News Asia notes.

“Kim, who demonstrated his multinational management ability in the field of medical care, has invested in fintech [and] blockchain… companies in Singapore,” Naver quotes a Bithumb representative as commenting about the sale. “He is the right person to pursue the systemization and globalization of the virtual currency exchange.”

STABLECOINS COMING TO BITHUMB

Kim’s current known plans include the creation of Bithumb DEX, a decentralized exchange platform along the lines of offerings from Binance and Coinbase.

In addition, BK is eyeing a “blockchain e-commerce payment system that significantly reduces virtual currency price volatility and settlement fees” in partnership with Singaporean e-marketplace Q2.

The future will also see the issuance of the company’s own tokens in the form of fiat currency-backed cryptographic stablecoins, with details still forthcoming.

Bithumb had faced a testing period during 2018, with a $17 million hack and accompanying rumors following trading suspicions leading the exchange to temporarily disappear from listings of resources such as Coinmarketcap.

Bithumb was forced to suspend account registrations for most of August after failing to smooth over problems with its banking partner.

Earlier this year, ailing Japanese cryptocurrency exchange Coincheck, which lost a giant $530 million in its own hack in January, came under the wing of online broker Monex for the nominal sum of $33 million.

What do you think about Bithumb’s buyout? Let us know in the comments below!


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Author: Wilma Woo
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