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.

Author: Daily Hodl Staff
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Bithumb Withdraws PCH Listing after Customer Backlash

South Korean cryptocurrency exchange platform Bithumb has aborted its attempts to list an altcoin called Popchain (PCH), after angry customers complained the exchange was trying to drive up speculation in the market.

Critics have claimed that Popchain is a de facto monopoly, as per data retrieved from Ether Scan, only 50 people currently own Popchain tokens. Some 12 owners account for 95% of the total, while the top three own a massive 65%.

Per media outlet SporBiz, Bithumb said it had postponed its listing on the market because it could not confirm the truth of certain allegations made against Popchain.
The Korea Blockchain Association (an alliance of 23 of the country’s leading exchanges) had also recommended that Bithumb stop and review its procedure before beginning Popchain trading. Investors have claimed the coin was created just two weeks ago, and have stated that no Popchain initial coin offering had been issued, and no other exchanges have yet listed it.

Many have criticized Bithumb’s timing, accusing it of recklessness at a time when many of the country’s exchanges are under intense scrutiny. Bithumb’s biggest rival, Upbit, is currently under investigation by state prosecutors, who believe the company may have issued falsified financial information. The head of two other exchanges were arrested last month, and have been charged with “fraud and embezzlement.”

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Author: Tim Alper
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