South Koreans Are Trading XRP & BTT More than BTC and Ether
Bitcoin kimchi premium is also taking a drop after surging to 22% as Upbit temporarily suspends fiat (KRW) deposits and withdrawals, and Bithumb sees an “increasing” inflow of BTC.
Kimchi premium has been flying high until it wasn’t.
Bitcoin prices on South Korean exchanges at one point today were as much as over 22% higher than other cryptocurrency exchanges. But soon it took a big hit and dropped to about 13%. Ki-Young Ju of data provider Crypto Quant noted,
“It seems someone finally figured out how to arbitrage this Kimchi premium opportunity. The trading volume in 30min time frame on Upbit, the largest Korean exchange, was bigger than Binance's. This drop seems related to Kimchi pullback.”
Bithumb, according to CryptoQuant, is seeing an “increasing” inflow of BTC, unlike all the other exchanges which have been seeing a decrease.
A possible reason for the drop could be Upbit announcing a temporary suspension of fiat (Korean Won) deposit and withdrawals and KRW account registration services.
The suspension has been due to an urgent inspection by the KRW deposit and withdrawal service provider. Once this maintenance is completed, the exchange will resume the services. The translated notice reads,
“After the urgent inspection of the KRW deposit and withdrawal service provider has been completed, the KRW deposit and withdrawal and KRW account registration services will be resumed.”
However, on South Korean exchanges, the biggest trading assets by volume are a bunch of altcoins, with XRP and BitTorrent (BTT) taking the top place BTT 5.17% Blocktrade Token / USD BTTUSD $ 0.00
$0.005.17% Volume 0 Change $0.00 Open $0.00 Circulating 55.75 m Market Cap 231.49 K 1 mon Kimchi Premium Turns into A Discount, Binance Removes Korean Won Trading Pairs & Trading Options 3 mon Best Cryptocurrencies with Growth Potential to Buy In June 4 mon Cryptocurrency Related Stocks Tumbling in a Massive Divergence from Crypto Assets . XRP is trading nearly 16% higher at $1.10 on South Korean crypto exchanges than about $0.95 on Bitfinex. XRP -1.12% XRP / USD XRPUSD $ 0.94
-$0.01-1.12% Volume 3.04 b Change -$0.01 Open $0.94 Circulating 46.72 b Market Cap 43.81 b 9 h South Korea’s Largest Crypto Exchange Operator Raises $85 Million at an $8.65 Billion Valuation 5 d SEC Scores Minor Victory Against Ripple As Court Rejects Employee Trading History Motion 1 w Solana (SOL) Dominating Institutional Interest, Accounting for Over 86% of the Total Inflows
XRP on these platforms is actually pulling in more than double the volume of Bitcoin BTC -0.54% Bitcoin / USD BTCUSD $ 43,147.86
-$233.00-0.54% Volume 31.29 b Change -$233.00 Open $43,147.86 Circulating 18.83 m Market Cap 812.39 b 3 h Govt. Doesn't “Do Banking Well,” JPMorgan CEO says It’s All About Transparency, Rule Of Law, And Governance 9 h South Korea’s Largest Crypto Exchange Operator Raises $85 Million at an $8.65 Billion Valuation 2 d Senator Toomey Urges US Lawmakers to Adopt Crypto and Gain 'Huge' Advantage over China and Ether ETH -2.25% Ethereum / USD ETHUSD $ 3,003.57
-$67.58-2.25% Volume 19.46 b Change -$67.58 Open $3,003.57 Circulating 117.7 m Market Cap 353.52 b 9 h South Korea’s Largest Crypto Exchange Operator Raises $85 Million at an $8.65 Billion Valuation 10 h DeFi Rallies on China Ban as Chinese Turn to Decentralized Projects, Crypto Prices Recover to Pre-ban Levels 1 d YFI Creator Andre Cronje Launches a Vampire Attack on Popular Ethereum NFT Marketplace OpenSea .
For instance, on Upbit, XRP and BTT are the two most traded crypto assets at $2.9 billion and $2.3 billion volume, respectively, versus $1.2 billion on BTC/KRW pair and a mere $428 million for ETH/KRW.
Korean investors are also piling into the nation's crypto stocks, driven by Coinbase’s upcoming public listing.
Hanwha Investment & Securities Co., which owns a 6.15% stake in Dunamu, is the best performer among Kospi stocks this year, as it uptrends over 210% YTD.
Dunamu actually operates Upbit, which local media reported last week has also explored a possible listing on the Nasdaq.
Other shareholders in the company are also enjoying an increase in their value. Woori Technology Investment Co. and Kakao Corp., both of which have about 8% stake in Dunamu, saw their share prices increasing by 140% and 38% respectively so far this year.