Korean crypto markets hit 2-year trade volume peak

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A improved macroeconomic climate and increased competition among local exchanges drove the trade volume in Korean cryptocurrency marketplaces to reach its highest level in over two years in early March, according to statistics from blockchain analytics startup Kaiko.

Upbit has held a commanding 82% market share on average over the last three years in South Korea's cryptocurrency ecosystem. However, given that Korbit and Bithumb have declared intentions to start zero-fee campaigns by the end of 2023, it appears that recent reforms to the market have strengthened competitiveness.

According to researchers at Kaiko, Bithumb saw a huge spike in market share, tripling it in the months after enacting its zero-fee policy in October 2023, whereas Korbit's share has grown very little, remaining at about 1% in 2024. The researchers observed that although the zero-fee plan was successful in increasing transaction volume, Bithumb had a significant 60% decrease in revenue in 2023, which led the exchange to halt the program.

“The significant decline in revenue may have prompted the exchange to discontinue its zero-fee campaign on Feb. 5, just five months after its launch.”

Kaiko

Despite a minor decline in KRW volumes in the first part of April, Kaiko believes that the recent approval of spot Bitcoin and Ethereum exchange-traded funds (ETFs) in Hong Kong could improve market mood throughout the Asia-Pacific region.

A turning point for Asian investors was marked when HashKey and Bosera International received conditional permission for two spot cryptocurrency exchange-traded funds (ETFs) from the Hong Kong Securities and Futures Commission, as previously reported by crypto.news. The Hong Kong Stock Exchange estimates that it will take around two weeks to complete the necessary arrangements for product listing and associated activities.