South Korea Goes Crypto Crazy! Bloomberg: Korean Won Surpasses US Dollar, Becomes the Hottest Fiat-Crypto Pair

According to Bloomberg, due to the surging demand for risk tokens in South Korea, the Korean won has now replaced the US dollar as the most frequently exchanged fiat currency in the cryptocurrency market.

Citing data from cryptocurrency research firm Kaiko, the report states that in just the first quarter of this year, the trading volume of the Korean won on centralized exchanges (CEX) reached a staggering $456 billion, surpassing the trading volume of the US dollar, which stood at $445 billion.

Bloomberg notes that the significant increase in trading volume denominated in Korean won is attributed to South Korean exchanges aggressively competing on transaction fees. Exchanges like Bithumb and Korbit recently launched "zero fee" trading promotions in an attempt to attract traders from larger exchanges like Upbit, which commands over 80% of cryptocurrency spot trading volume in South Korea.

It is reported that Korean investors prefer smaller market cap coins with higher volatility, accounting for over 80% of all cryptocurrency trading activity in South Korea.

This article is from blockcast:https://blockcast.it/2024/04/17/korean-won-topped-us-dollar-as-preferred-currency-for-crypto-trades-in-q1/

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AIC Team