The South Korean market is quite weird, and at the same time very different from the western markets in terms of its behavior. The main problem I see is how certain parties are heavily inflating the volumes on basically every major South Korean exchange, which makes me think about how Chinese volumes were blowing up massively before the PBOC stepped in and stopped that nonsense. From a few million traded coins per day, per exchange, to just tens of thousands. Important difference is that Korean exchanges do charge fees, where Chinese exchanges didn't, otherwise we would likely see far higher volumes coming from South Korean exchanges.
Current top volume generators;
1 Bitfinex BTC/USD $678.778.000
2 OKEx BTC/USDT $570.226.000
3 Binance BTC/USDT $489.658.000
4 Upbit BTC/KRW $389.127.000
5 Bithumb BTC/KRW $285.560.000
6 bitFlyer BTC/JPY $260.149.000
Shocking is the fact that the top three consists of Tether exchanges, and the other three after that are non USD.
Topic: [2018-02-19] Korean Cryptocurrency Exchanges’ Commission Sales Spike 85x in 2017 (Read 149 times)
February 20, 2018, 09:11:27 AM
February 20, 2018, 02:01:44 AM
South Korea is an very interesting market for cryptocurrency and soon we might be witnessing it really transform the whole global market as one of the most important leaders in this fledgling industry. I read somewhere that Koreans are really suited to this kind of market as many of them have an ingrained 'gambling' mentality. Maybe Koreans found out that investing in cryptocurrency can be better than gambling.
Right now, there is an ongoing dynamics between crypto players and the government with so many FUDs coming in just to cloud the news and real stories behind but soon the dust will eventually settle and there will be a win-win solutions to all of these developments. Together with Japan, SoKor is destined to be one of the most reliable countries making cryptocurrency advanced to the level we always dreamed of.
Right now, there is an ongoing dynamics between crypto players and the government with so many FUDs coming in just to cloud the news and real stories behind but soon the dust will eventually settle and there will be a win-win solutions to all of these developments. Together with Japan, SoKor is destined to be one of the most reliable countries making cryptocurrency advanced to the level we always dreamed of.
February 19, 2018, 03:56:15 PM
...
The data was released on Sunday by Rep. Park Kwang-on, a journalist-turned-politician who previously served as the spokesperson for South Korea’s president Moon Jae-in. The government reportedly aided in compiling the data which was based on the sales of commissions and bitcoin trading prices released by various exchange operators.
The report also reveals Upbit as country’s leading cryptocurrency exchange operator occupying over half of South Korea’s cryptocurrency trading market at 52.9%. Bithumb, Korbit, and Coinone respectively make for the three largest cryptocurrency exchanges after Upbit.
...
The data was released on Sunday by Rep. Park Kwang-on, a journalist-turned-politician who previously served as the spokesperson for South Korea’s president Moon Jae-in. The government reportedly aided in compiling the data which was based on the sales of commissions and bitcoin trading prices released by various exchange operators.
The report also reveals Upbit as country’s leading cryptocurrency exchange operator occupying over half of South Korea’s cryptocurrency trading market at 52.9%. Bithumb, Korbit, and Coinone respectively make for the three largest cryptocurrency exchanges after Upbit.
...
Did they take into account the rampant wash trading that took place in 2017
on some of the Korean exchanges? After all the numbers would be extremely distorted
if they indeed did believe the data provided by the exchanges.
Besides, it is likely that parts of the huge volume were caused by Chinese traders, who had
to look for a new place to trade after the crackdown of the Chinese government on the local exchanges.
Given the fact that anonymous accounts are not allowed anymore under the new
South Korean exchange regulation we will likely see that a huge part of the Chinese traders will have to leave
the Korean exchanges.
February 19, 2018, 06:57:27 AM
South Korean cryptocurrency exchange operators have reportedly made enormous gains in commission-related sales in 2017, over 85 times that of the previous year.
According to data released on Sunday by a politician from South Korea’s ruling Democratic Party, the accumulated sales from commissions among 30 cryptocurrency exchange operators is said to have reached 700 billion won ($648 million) in 2017, Yonhap reports. That figure is up from an estimated 8 billion won in 2016.
The data was released on Sunday by Rep. Park Kwang-on, a journalist-turned-politician who previously served as the spokesperson for South Korea’s president Moon Jae-in. The government reportedly aided in compiling the data which was based on the sales of commissions and bitcoin trading prices released by various exchange operators.
The report also reveals Upbit as country’s leading cryptocurrency exchange operator occupying over half of South Korea’s cryptocurrency trading market at 52.9%. Bithumb, Korbit, and Coinone respectively make for the three largest cryptocurrency exchanges after Upbit.
While Upbit is said to have amassed 194.3 billion won ($182 million) in commission sales, the estimated sales by Bithumb, in particular, is believed to have reached 317.7 billion won ($297 million). Korbit and Coinone reached 67 billion won ($62 million) and 78.1 billion won ($73 million) respectively.
South Korea has emerged among the world’s largest markets for cryptocurrencies in 2017 despite a ban on ICOs near the end of September. Rumors of following China’s lead in shuttering cryptocurrency exchanges after the turn of the year were put to bed after the South Korean government – after a significant public backlash – confirmed there was no intention to issue a sweeping ban on cryptocurrency trading.
“There is no intention to ban or suppress cryptocurrency (market),” South Korea’s Finance Minister Kim Dong-yeon said in late January.
https://www.ccn.com/korean-cryptocurrency-exchanges-commission-sales-spike-85x-2017/
According to data released on Sunday by a politician from South Korea’s ruling Democratic Party, the accumulated sales from commissions among 30 cryptocurrency exchange operators is said to have reached 700 billion won ($648 million) in 2017, Yonhap reports. That figure is up from an estimated 8 billion won in 2016.
The data was released on Sunday by Rep. Park Kwang-on, a journalist-turned-politician who previously served as the spokesperson for South Korea’s president Moon Jae-in. The government reportedly aided in compiling the data which was based on the sales of commissions and bitcoin trading prices released by various exchange operators.
The report also reveals Upbit as country’s leading cryptocurrency exchange operator occupying over half of South Korea’s cryptocurrency trading market at 52.9%. Bithumb, Korbit, and Coinone respectively make for the three largest cryptocurrency exchanges after Upbit.
While Upbit is said to have amassed 194.3 billion won ($182 million) in commission sales, the estimated sales by Bithumb, in particular, is believed to have reached 317.7 billion won ($297 million). Korbit and Coinone reached 67 billion won ($62 million) and 78.1 billion won ($73 million) respectively.
South Korea has emerged among the world’s largest markets for cryptocurrencies in 2017 despite a ban on ICOs near the end of September. Rumors of following China’s lead in shuttering cryptocurrency exchanges after the turn of the year were put to bed after the South Korean government – after a significant public backlash – confirmed there was no intention to issue a sweeping ban on cryptocurrency trading.
“There is no intention to ban or suppress cryptocurrency (market),” South Korea’s Finance Minister Kim Dong-yeon said in late January.
https://www.ccn.com/korean-cryptocurrency-exchanges-commission-sales-spike-85x-2017/
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