In December and January, the volume of bitcoin trading on South Korean exchanges increased sharply. The greatest activity is seen on the Bithumb platform, which abolished transaction processing fees a few months ago.
According to Kaiko, Bithumb’s BTC trading volume is approaching $3 billion. The exchange decided to expand its presence in the Korean market by eliminating transaction fees.
Until October, this trading platform was charging users a fee of 0.04% to 0.25%. Then it was canceled, which led to an increase in turnover.
Despite the decrease in bitcoin trading on the leading exchange UpBit, it still dominates in South Korea. This trading platform handles up to 80% of digital currency transactions.
CCData found late last year that Korean traders preferred to invest in BTC, XRP, Solana and Chainlink.