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.
Korea market is pretty dead … even with fiat on-ramp the highly speculative community there is VERY fatigued due to low volatility too (and it’s saturated long before imo) The fact that Bitthumb started Bitthumb global initiative to expand globally says so 🧐 — Dovey Wan 🗝 🦖 (@DoveyWan) October 21, 2019
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.
Most of the wechat crypto groups are now pretty much dead. The alive ones are becoming groups of sports discussing, food pics sharing, refund yelling, market cursing, alternative asset speculating, tindering, etc etc Exactly like 12 months ago when BTC was ranging above 6k — Dovey Wan 🗝 🦖 (@DoveyWan) October 21, 2019
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