Following the rise of bitcoin to a high level of almost three months, the heat of trade in South Korea's encrypted market rose markedly. The two main South Korean exchanges, Upbit and Bithumb, have increased their turnover significantly over the past 24 hours, showing that local capital that had previously shifted to the Korean stock is re-flowing back into the digital asset market.

Synchronization of the two exchanges

Upbit 24-hour transactions rose to $1.84 billion, an increase of 273 per cent. Coinpedia claims that this is the highest single-day level of the platform since mid-March. Bithumb ' s turnover increased by 132.9 per cent to $934.9 million over the same period.

The combined processing of Korean Won transactions by the two exchanges was reported to be close to $3 billion. At the same time, the total market value of the global encrypted market returned to about $2.65 trillion, and overall market risk preferences were repaired.

  • Upbit 24-hour turnover: $1.84 billion
  • Bithumb 24-hour turnover: $934.9 million
  • Total of two platforms traded: close to $3 billion

Money or transfer of encrypted assets from Korea

It was reported that this round of trade warming was associated with changes in the allocation of assets by Korean investors. In the earlier period, KOSPI was strong, and the increase in weight shares, such as Tristar Electronics and SK Hercules, attracted more local capital to the stock market, while encryption transactions were relatively cool.

With the recent rebound of bitcoin, KOSPI has returned from its stage, and part of the transaction funds have begun to refocus on encrypted assets. Bitcoin was mentioned as having increased by 26 per cent a week, with prices rising to $795 million at one time, and as an important setting for the recovery of trade.

In addition, in the recent market downturn, some $1.7 billion of leverage positions have been liquidated, reducing prices to some extent and creating conditions for subsequent buybacks.

The XRP lead runs, and the Korean Won premium is repeated.

In terms of the structure of the transaction, this round is not focused solely on bitcoin. XRP became the most active Upbit trade asset, with a 24-hour deal of $418.9 million, exceeding bitcoin, USDT and Ethera.

It was also reported that the purchase of South Korean traders mainly went to high-volatilization banknotes and new online coins, indicating that local market preferences were rising. As the mood warms, the “finisher premium”, which is common in the Korean market, re-emerges.

Some encrypted assets are reported to be at a transaction price of between 1.8 and 2.4 per cent higher on Upbit and Bithumb than global exchanges such as Coinbase and Binance. This usually means that local purchases in Korea are stronger than in overseas markets, and also reflects the rising short-term heat in the Korean exchange area.