South Koreans Are Trading XRP & BTT More than BTC and Ether

South Koreans Are Trading XRP & BTT More than BTC and Ether

Bitcoin kimchi premium is also taking a drop after surging to 22% as Upbit temporarily suspends fiat (KRW) deposits and withdrawals, and Bithumb sees an “increasing” inflow of BTC.

Kimchi premium has been flying high until it wasn’t.

Bitcoin prices on South Korean exchanges at one point today were as much as over 22% higher than other cryptocurrency exchanges. But soon it took a big hit and dropped to about 13%. Ki-Young Ju of data provider Crypto Quant noted,

“It seems someone finally figured out how to arbitrage this Kimchi premium opportunity. The trading volume in 30min time frame on Upbit, the largest Korean exchange, was bigger than Binance’s. This drop seems related to Kimchi pullback.”

As of writing, Bitcoin is trading at $56,740 on Coinbase Pro, $56,824 on Binance, $64,247 on Upbit, $64,469 on Bithumb, and $64,494 on Coinone.

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Bithumb, according to CryptoQuant, is seeing an “increasing” inflow of BTC, unlike all the other exchanges which have been seeing a decrease.

A possible reason for the drop could be Upbit announcing a temporary suspension of fiat (Korean Won) deposit and withdrawals and KRW account registration services.

The suspension has been due to an urgent inspection by the KRW deposit and withdrawal service provider. Once this maintenance is completed, the exchange will resume the services. The translated notice reads,

“After the urgent inspection of the KRW deposit and withdrawal service provider has been completed, the KRW deposit and withdrawal and KRW account registration services will be resumed.”

However, on South Korean exchanges, the biggest trading assets by volume are a bunch of altcoins, with XRP and BitTorrent (BTT) taking the top place BTT 5.17% Blocktrade Token / USD BTTUSD $ 0.00
$0.005.17%
Volume 0 Change $0.00 Open $0.00 Circulating 55.75 m Market Cap 231.49 K
8 h South Koreans Are Trading XRP & BTT More than BTC and Ether 9 h Bitcoin Takes A Dive & Altcoins’ Drop Hard, But People Are Still ‘HODLing and Not Selling’ 1 mon Why Are Celebrities Exclusively Endorsing Tron, “Is TRX Mass Adoption On The Horizon?”
. XRP is trading nearly 16% higher at $1.10 on South Korean crypto exchanges than about $0.95 on Bitfinex. XRP -13.13% XRP / USD XRPUSD $ 0.92
-$0.12-13.13%
Volume 21.61 b Change -$0.12 Open $0.92 Circulating 45.4 b Market Cap 41.74 b
8 h South Koreans Are Trading XRP & BTT More than BTC and Ether 9 h Bitcoin Takes A Dive & Altcoins’ Drop Hard, But People Are Still ‘HODLing and Not Selling’ 9 h Ripple Wins Access to SEC Internal Crypto Discussions Regarding Bitcoin & Ether’s Non-Security Status

XRP on these platforms is actually pulling in more than double the volume of Bitcoin BTC -3.52% Bitcoin / USD BTCUSD $ 56,041.45
-$1,972.66-3.52%
Volume 74.98 b Change -$1,972.66 Open $56,041.45 Circulating 18.68 m Market Cap 1.05 t
6 h Hindenburg Research Shorts Chinese Bitcoin Mining Maker; Ebang Continues its Fundraising Spree 8 h South Koreans Are Trading XRP & BTT More than BTC and Ether 8 h Grayscale Adds Chainlink (LINK) to its Digital Large Cap Fund
and Ether ETH -7.09% Ethereum / USD ETHUSD $ 1,968.30
-$139.55-7.09%
Volume 35.9 b Change -$139.55 Open $1,968.30 Circulating 115.38 m Market Cap 227.09 b
7 h Seven-Time Superbowl Champ, Tom Brady, Is Launching an NFT Platform Called Autograph 8 h South Koreans Are Trading XRP & BTT More than BTC and Ether 8 h Grayscale Adds Chainlink (LINK) to its Digital Large Cap Fund
.

For instance, on Upbit, XRP and BTT are the two most traded crypto assets at $2.9 billion and $2.3 billion volume, respectively, versus $1.2 billion on BTC/KRW pair and a mere $428 million for ETH/KRW.

Korean investors are also piling into the nation’s crypto stocks, driven by Coinbase’s upcoming public listing.

Hanwha Investment & Securities Co., which owns a 6.15% stake in Dunamu, is the best performer among Kospi stocks this year, as it uptrends over 210% YTD.

Dunamu actually operates Upbit, which local media reported last week has also explored a possible listing on the Nasdaq.

Other shareholders in the company are also enjoying an increase in their value. Woori Technology Investment Co. and Kakao Corp., both of which have about 8% stake in Dunamu, saw their share prices increasing by 140% and 38% respectively so far this year.

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Author: AnTy

KIMCHI is the Latest Hot Dish in DeFi with Over 30,000% APY

Sushi was yesterday; KIMCHI is now!

Uniswap’s clone SushiSwap has been forked to create KIMCHI.

Within four hours of its launch, the unaudited project saw half a billion dollars locked in KIMCHI, which claims to “become the next hot DeFi mining token.”

“KIMCHI is lit,” according to the pro yield farmer Arthur Hayes, co-founder, and CEO of crypto derivatives exchange BitMEX. “It’s a staple of the CHAD diet. Get on my level,” he added.

Launched today, KIMCHI token’s price jumped to $12.26 level and is now back at $4.27, as per CoinGecko. The token is expected to be listed on Gate.io soon.

When it was launched, the project offered APY in six digits percentage but has now come down 8.3x. Uniswap KIMCHI/ETH APY that started with 178,573% has now fallen to 21,500%.

Still, the APY offered on different swaps is between 1,800% to 31,000%.

Currency, it’s offering farming on ETH, USDT, SUSHI, TEND, and other Uniswap assets to earn above-mentioned interest rates for providing liquidity on the platform.

KIMCHI is a fork of automated money maker Sushi, which is a copycat of Uniswap but with a governance token, and Yuno, but apparently “unlike YUNO, in Kimchi, it is not exploitable because owner is set to a non-functional timelock contract.”

SushiSwap issues its SUSHI tokens to those providing liquidity to the platform and gives a cut of its trading fees to those who have locked their tokens in a smart contract.

But the latest farming token clearly states on its website, “SUSHI is way better with KIMCHI” and “TEND with KIMCHI is also fucking yammy.”

Sushi was the one that pushed Uniswap’s volume to surpass that of Coinbase Pro and its liquidity to go beyond $1 billion. This project locked in over a billion dollars in less than four days of its launch.

But according to KIMCHI, it is them that are writing a “new history in DeFi Crypto field. We’ve just entered new era.”

KIMCHI’s market cap has reached over $45 million since becoming available today. The DeFi sector meanwhile has total value locked (TVL) at a whopping $9.5 billion.

It goes without saying that these DeFi projects are extremely risky where people are acting first before thinking. Degens are yield farming the latest for a few days before jumping on the next hot thing, which like the 2017 ICO mania are popping in every other day.

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Author: AnTy