In the past 100 days, South Korea has experienced a significant surge in crypto trading activity. The country's leading crypto exchanges, Upbit and Bithumb, recorded their highest trading volumes during the first week of January 2024. While South Korea's crypto assets command a noticeable premium, the most popular traded coins in this region differ from those found on global platforms like Binance and Coinbase. This report provides a detailed analysis of South Korea's top crypto pairs, ranked according to their trading volumes.
Unique Top Tokens Define South Korea's Crypto Landscape
As of January 15, 2024, the top five cryptocurrencies on Binance, based on trading volume, are BTC, ETH, SOL, XAI, and TIA. Similarly, Coinbase's top five tokens by volume include BTC, ETH, SOL, OP, and TIA.
While Binance and Coinbase are the world's largest crypto exchanges in terms of 24-hour trading volume, Upbit and Bithumb dominate the local market in South Korea. Upbit, in particular, holds a significant share of the country's overall crypto trading volume.
Although the top five digital currencies traded on Binance and Coinbase show considerable similarity, ethereum classic (ETC) emerges as the top coin on Upbit. ETC enjoys immense popularity in South Korea, with 68.96% of its trades conducted in Korean won, as per data from cryptocompare.com.
This Ethereum fork also ranks as the fifth most traded by volume on Bithumb and holds the sixth position on Coinone. Additionally, ethereum classic (ETC) is currently trading at a 4.65% premium on Upbit, while BTC is marked at a 4.40% premium on the same exchange, compared to average and weighted global exchange rates.
At Upbit, the top five cryptocurrencies by trading volume are ETC, BTC, T, SUI, and SOL. Meanwhile, Bithumb's leading crypto assets include BTC, SOL, ETH, XRP, and ETC. Coinone's top five tokens are BTC, XRP, WEMIX, ETH, and SOL. Notably, 80% of threshold network token (T) transactions are settled in Korean won, while won settlements account for 23.85% of SUI trades and 29.40% of all XRP swaps.
Furthermore, 80.18% of WEMIX's market trades are settled in Korean won. These exchanges, along with Korbit, contributed to 2.8% of global ETH swaps and 6.93% of all BTC swaps in the last day. Data indicates that trading volumes on Upbit and Bithumb started to rise towards the end of September 2023, reaching their peak during the first week of January. The daily trade volumes in January on both exchanges have surpassed any records set in 2023.
Growth of South Korea's Digital Currency Trading Market
Over the past six months, South Korea's digital currency trading market has witnessed remarkable growth, with record-breaking trading volumes on local exchanges. This trend is seen as a positive indication for the future of crypto adoption in the country, as traders diversify their portfolios beyond the usual leading pairs found on international platforms.
The increasing volumes in South Korea's crypto market and the difference in top coins compared to other international trading platforms highlight the unique preferences and trading habits of Korean investors. As the country continues to embrace cryptocurrencies, it will be interesting to see how the market evolves and whether this trend of divergent trading pairs persists.
What are your thoughts on the rising volumes in South Korea and the variation in top coins compared to other international platforms? Share your opinions in the comments section below.
Frequently Asked Questions
Can I keep physical gold in an IRA?
Gold is money. Not just paper currency. It is an asset that people have used over thousands of years as money, and a way to protect wealth from inflation and economic uncertainties. Investors today use gold to diversify their portfolios because gold is more resilient to financial turmoil.
Many Americans are now more inclined to invest in precious metals like gold and silver than stocks or bonds. Even though owning gold is not a guarantee of making money, there are many reasons why you might want to add gold to your retirement savings portfolio.
One reason is that gold historically performs better than other assets during financial panics. Gold prices rose nearly 100 percent between August 2011 and early 2013, while the S&P 500 fell 21 percent over the same period. During these turbulent market times, gold was among few assets that outperformed the stocks.
The best thing about gold investing is the fact that there's virtually no counterparty risk. Your stock portfolio can fall, but you will still own your shares. But if you own gold, its value will increase even if the company you invested in defaults on its debt.
Finally, gold is liquid. This allows you to sell your gold whenever you want, unlike many other investments. Gold is liquid and therefore it makes sense to purchase small amounts. This allows one to take advantage short-term fluctuations within the gold price.
How can you withdraw from an IRA of Precious Metals?
First, determine if you would like to withdraw money directly from an IRA. You should also ensure that you have enough money to cover any fees and penalties associated with withdrawing funds.
If you are willing to pay a penalty for early withdrawal, you should consider opening a taxable brokerage account instead of an IRA. You will also have to account for taxes due on any amount you withdraw if you choose this option.
Next, figure out how much money will be taken out of your IRA. This calculation is dependent on several factors like your age when you take the money out, how long you have had the account, and whether or not your plan to continue contributing.
Once you know what percentage of your total savings you'd like to convert into cash, you'll need to determine which type of IRA you want to use. Traditional IRAs allow for you to withdraw funds without tax when you turn 59 1/2. Roth IRAs, on the other hand, charge income taxes upfront but you can access your earnings later and pay no additional taxes.
Finally, you'll need to open a brokerage account once these calculations are completed. Brokers often offer promotional offers and signup bonuses to encourage people into opening accounts. However, a debit card is better than a card. This will save you unnecessary fees.
When you finally get around to making withdrawals from your precious metal IRA, you'll need a safe place where you can store your coins. Some storage facilities will take bullion bars while others require you only to purchase individual coins. Either way, you'll need to weigh the pros and cons of each before choosing one.
Bullion bars are easier to store than individual coins. However, each coin will need to be counted individually. On the flip side, storing individual coins allows you to easily track their value.
Some people like to keep their coins in vaults. Others prefer to store their coins in a vault. Whichever method you choose, make sure you store your bullion safely so you can enjoy its benefits for years to come.
How much of your portfolio should you hold in precious metals
First, let's define precious metals to answer the question. Precious Metals are elements that have a very high relative value to other commodities. This makes them very valuable in terms of trading and investment. Gold is today the most popular precious metal.
There are many other precious metals, such as silver and platinum. The price of gold tends to fluctuate but generally stays at a reasonably stable level during periods of economic turmoil. It also remains relatively unaffected by inflation and deflation.
As a general rule, the prices for all precious metals tend to increase with the overall market. That said, they do not always move in lockstep with each other. The price of gold tends to rise when the economy is not doing well, but the prices of the other precious metals tends downwards. Investors expect lower interest rate, making bonds less appealing investments.
The opposite effect happens when the economy is strong. Investors choose safe assets such Treasury Bonds over precious metals. Since these are scarce, they become more expensive and decrease in value.
It is important to diversify your portfolio across precious metals in order to maximize your profit from precious metals investments. Additionally, since the prices of precious metals tend to rise and fall together, it's best to invest in several different types of precious metals rather than just focusing on one type.
How much gold can you keep in your portfolio
The amount that you want to invest will dictate how much money it takes. If you want to start small, then $5k-$10k would be great. As your business grows, you might consider renting out office space or desks. So you don't have all the hassle of paying rent. Only one month's rent is required.
Consider what type of business your company will be running. In my case, I run a website-creation company. Our clients pay us between $1000-2000/month and depending on their order. So if you do this kind of thing, you need to consider how much income you expect from each client.
As freelance work requires you to be paid freelancers, your monthly salary won't be as high as mine. This means that you may only be paid once every six months.
Before you can determine how much gold you'll need, you must decide what type of income you want.
I would recommend that you start with $1k-2k worth of gold and then increase your wealth.
Do you need to open a Precious Metal IRA
Precious metals are not insured. This is the most important fact to know before you open an IRA account. There are no ways to recover the money you lost in an investment. This includes any loss of investments from theft, fire, flood or other circumstances.
You can protect yourself against such losses by purchasing physical gold and silver coins. These items have been around thousands of years and are irreplaceable. If you were to offer them for sale today, they would likely fetch you more than you paid when you bought them.
If you decide to open an IRA account, choose a reputable company that offers competitive rates and products. Consider using a third-party custody company to keep your assets safe and allow you to access them at any time.
You won't get any returns until you retire if you open an account. Remember the future.
What are some of the benefits of a gold IRA
The best way to save money for retirement is to place it in an Individual Retirement Account. It's tax-deferred until you withdraw it. You have complete control over how much you take out each year. And there are many different types of IRAs. Some are better for those who want to save money for college. Some are for investors who seek higher returns. Roth IRAs let individuals contribute after age 591/2 and pay tax on any earnings at retirement. Once they start withdrawing money, however, the earnings aren’t subject to tax again. This account may be worth considering if you are looking to retire earlier.
Because you can invest money in many asset classes, a gold IRA works similarly to other IRAs. Unlike a regular IRA that requires you to pay taxes on the gains you make while you wait to access them, a gold IRA does not have to do this. People who want to invest their money rather than spend it make gold IRA accounts a great option.
You can also enjoy automatic withdrawals, which is another benefit of owning your gold through an IRA. This eliminates the need to constantly make deposits. To avoid missing a payment, direct debits can be set up.
Finally, the gold investment is among the most reliable. It is not tied to any country so its value tends stay steady. Even in times of economic turmoil gold prices tend to remain stable. This makes it a great investment option to protect your savings from inflation.
Can the government take your gold
Your gold is yours, so the government cannot confiscate it. You worked hard to earn it. It is yours. This rule may not apply to all cases. You could lose your gold if convicted of fraud against a federal government agency. Additionally, your precious metals may be forfeited if you owe the IRS taxes. However, if you do not pay your taxes, you can still keep your gold even though it is considered property of the United States Government.
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
3 Ways to Invest Gold for Retirement
It is crucial to understand how you can incorporate gold into your retirement plans. There are many ways to invest in gold if you have a 401k account at work. You might also consider investing in gold outside your workplace. A custodial account can be opened by a brokerage firm like Fidelity Investments if you already have an IRA. If precious metals aren't your thing, you may be interested in buying them from a dealer.
These are the three rules to follow if you decide to invest in gold.
- Buy Gold with Your Money – You don't need credit cards, or to borrow money to finance your investments. Instead, cash in your accounts. This will protect your against inflation and increase your purchasing power.
- Physical Gold Coins You Should Buy – Physical gold coins should be purchased over a paper certificate. The reason is that it's much easier to sell physical gold coins than certificates. There are no storage fees for physical gold coins.
- Diversify Your Portfolio. – Do not put all your eggs into one basket. By investing in multiple assets, you can spread your wealth. This can reduce market volatility and help you be more flexible.
By: Jamie Redman
Title: South Korea’s Crypto Volumes Reach New Heights in 2024 as Upbit and Bithumb Lead the Local Market
Sourced From: news.bitcoin.com/south-koreas-crypto-volumes-peak-in-2024-as-upbit-and-bithumb-dominate-local-market/
Published Date: Mon, 15 Jan 2024 16:30:43 +0000