In the report published by Kaiko on the results of the activities of the largest South Korean crypto exchanges, it is reported that the reason for the incident was the improvement of the macroeconomic environment and increased competition in the domestic market.
According to the results of the first quarter on the spot market, the South Korean won (KRW) surpassed the US dollar (USD) in total trade volume. The total volume of Korean currency trading on centralized crypto exchanges in January-March amounted to $456 billion, Kaiko experts state. A year ago, in January-March 2023, there was $445 billion.
Upbit has maintained its dominance in the local market with an average share of about 80%. The launch of zero-fee policies by competing crypto platforms Bithumb and Korbit has failed to significantly affect the landscape, and it seems that due to declining revenues, these two exchanges will be forced to abandon this generous offer to customers.
Kaiko analysts believe that the recent approval of the launch of bitcoin and ether spot ETFs in Hong Kong can positively affect the investment sentiment of the South Korean crypto market and the entire Asia-Pacific region.
