Co-founder of Primitive Ventures, Dovey Wan says on the outflow of traders while the Korean market shows a considerable decline in the crypto market.
The activity on Bithumb actually led Bitcoin (BTC) prices to rise up in its peak. The BTC prices raised up to above $20,000 in South Korean won. On the other hand, the altcoins that showed up on the Korean markets too got a serious boost.
The Korean traders led Bitcoin Cash (BCH) to rise above $2,500 followed by a deep crash. It was followed by a prolonged bear market for most coins while erasing previous speculative appetite. At that time, South Korea’s market was under attack by the notorious North Korean hackers, Lazarus group working for the North Korean regime.
Altcoins minings have also subdued with a few exceptions. Crypto exchanges are trying to move to new sources of earnings.
Popular crypto exchange Binance too saw a dip in volume drop significantly. In previous cases, altcoins provided a heightened activity while multiple pairs now remain inactive while calling for delistings.
Wan points out that that the previous busy crypto-related charts are now mostly abandoned or they have switched to other topics.
Source: bitcoinist.com | Image: shutterstock