"The US must be warming up now, how can that country see other people more than it does."
It was recently revealed that transactions on centralized cryptocurrency exchanges involving the South Korean Won (KRW) have exceeded $465 billion, surpassing the United States (US) dollar's $455 billion in terms of trading volume.
The race successfully resulted in a significant increase in trading activity where the Won took its place at the top of the list of world fiat currencies in the crypto market.
One of the factors contributing to the appreciation of the Won is the intensifying competition between crypto exchanges in South Korea such as Upbit, Bithumb and Korbit which introduced zero-fee trading periods.
There is no denying that such a strategy led to a significant increase in trading volume, but it affected cash flow following Bithumb's 60% decline in 2023 due to the zero-fee policy that was withdrawn in early February 2024 after only five months of implementation.
However, the increase in trading volume in early March 2024 has been influenced by the favorable macroeconomic environment and high market competition, then the approval of the ETF in Hong Kong may further stimulate trading activity involving the Won.
Even so, the crypto market is still watching for further regulatory action as it tends to impact the crypto market and investor sentiment globally which could lead to changes in trading volume across different fiat and crypto pairs.
So here it can be seen that the Won will continue to be the top currency against the US dollar in the digital asset trading sector if the crypto exchange in South Korea can increase volume but at the same time maintain profitability.
