thenewscrypto.com
- The exchange reached this year’s trading volume ATH of around $15 billion on March 5.
- Upbit had a 24-hour trading volume of $3.8 billion as of 1 April, according CoinGecko.
After hitting a peak in early March, the 24-hour trading volume at Upbit—one of the largest cryptocurrency exchanges in South Korea—fell to $3.8 billion at the beginning of April. The Upbit exchange reached this year’s all-time high trading volume of around $15 billion on March 5.
The fact that Bitcoin hit a new all-time high of $69,200 on the same day could explain the dramatic increase in daily trading volume on the crypto exchange. Huge investments in the newly formed spot Bitcoin (BTC) ETFs in the U.S were the main factor propelling the rush.
Disparity in Pricing
At around 3:00 pm UTC on March 5, Bitcoin hit a new record high of 96,734,000 South Korean won (about $72,504) on Upbit. While in the rest of the globe, it was trading below $70,000. The exchange’s daily trade volume on March 5 may have been boosted in part by this.
The “Kimchi Premium” describes the disparity in pricing between South Korea and the rest of the globe. A Korean term describing the spread between the price of bitcoin on Korean exchanges and those on global markets, the Kimchi Premium is named after the national fermented side dish. The increase was short-lived, however; by March 31, the exchange’s daily trading volume had fallen to $2.6 billion.
Upbit had a 24-hour trading volume of $3.8 billion as of 1 April, according to coin statistics tracker CoinGecko. The net profit for Upbit’s parent firm fell 81% in 2023. The $23 million profit declared by Upbit owner Dunamu on November 28th is much lower than the $123 million profit achieved during the same time in 2022.