Bitcoin Trading on Bithumb Approaches $3B

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During December and January, there was a significant surge in Bitcoin trading volume on South Korean exchanges. The majority of trading activity was concentrated on the Bithumb platform, which had recently removed transaction fees.

According to Kaiko, the BTC trading volume on crypto exchange Bithumb has reached up to $3 billion. The exchange made the decision to expand its presence in the Korean market by eliminating transaction fees. Previously, Bithumb had charged users fees ranging from 0.04% to 0.25%.

However, after removing these fees in October, there was a significant increase in trading volume. Despite a decrease in Bitcoin trading on the popular exchange UpBit, it still dominates in the South Korean market.

UpBit processes around 80% of digital currency transactions. A study by CCData in late 2020 showed that Korean traders primarily invested in BTC, XRP, Solana, and Chainlink.