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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