A publication in Blockinpress.com that we are going over in today’s blockchain news, shows that the exchanges in South Korea are having a hard time to survive the harsh bear market that is still on-going in its 14-month –long correction trend.
The global crypto exchange market has reached a massive decline in volume since 2018 and the largest exchanges such as Bithumb and Korbit are losing their employees voluntarily by at least 15 percent.
The crypto winter has hit the South Korean crypto market extremely hard and has led for the trading activity to decrease significantly which shows there is no interest in the market either. Though the bear market has hit almost all crypto markets, the consequences in South Korea are visible the most.
Korkbit CEO Tony Lyu said that
“Word just spreads really fast in Korea. Once people are invested, they want everyone else to join the party. There’s been this huge, almost a community movement around this.’’
Most of the exchanges rely on withdrawal, transaction and other fees that are included on the platform and when the digital assets’ volume declines, the main source of revenue declines as well. Some believe that the pace that the industry was going to into more problems has slowed down. In every bear market, exchanges make less revenue so companies have to make cuts but that is not something that hasn’t happened before during a bear market.
South Korea was ranked as the third largest crypto market by volume at one point in time. However, not all is bad. Bithumb and Upbit and a few other exchanges joined together in an alliance to fight money laundering by sharing data of suspicious transactions and addresses.
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“$BTC – I’m leaning towards another leg up if there’s a strong reaction from the ~$5300 area. If there’s a bounce before then, I may be interested in taking a short position from ~$5530 for a day trade. Whichever scenario happens, the end goal is the same ($5300),” @CryptoUB tweeted.Another great pattern to note, in comparison with the Bitcoin to $6k trend is the ascending trendline of BTC which may lead it to climb higher in the near future. As another analyst named Alex Kruger tweeted:
“$BTC hugging this trendline, in play since the April breakout."Kruger's comment was featured on many best cryptocurrency news sites. All of this shows that Bitcoin to $6k is a reality and that BTC may be on track for a new move into the $6,000 region. Despite the reversal and the crypto currency news showing that a boom on the altcoin market is possible, BTC may clmb in as high as $6,400 according to Josh Rager, another popular analyst on Twitter.
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