The South Korea banking association said that they are concerned about high trading volumes of altcoins in South Korea and have asked banks to make sure there is no cyber security issues. The statement also stated that a working group will be made up to help banks reduce risks and monitor the situation
Concerns
Altcoin trading volume last weekend surged past the record set in early January. South Korea’s Bithumb exchange, the world’s largest cryptocurrency trading platform, recorded $1.23 billion worth of transactions over a 24-hour period beginning on Saturday – nearly three times more than its previous record of $450 million. This change in the market fuelled the discussion that has been active in South Korea about cryptocurrencies. The article describes the market trend that altcoin trading is getting popular in South Korea. There are some crypto exchanges that launch new currency every day or nearly every day. The reason for this phenomenon is that although there are many coins in the market, some of them are not listed on any exchanges and once they get listed on an exchange, they attract a lot of attention and price surges. The Korean Federation of Banks recommends banks and exchanges to be more careful with the risks these altcoin have, and how they put them in danger, so that their costumers don’t get scammed.
The market capitalization of altcoins has also skyrocketed on other exchanges, while bitcoin has lost ground. Meme coins and especially dog coins like Doge, Shiba and other coins named after dogs have gained 10 times or more in value in the past months. The cryptocurrency boom is not over yet, we are just getting started! A new breed of crypto currency is being born, these coins are known as altcoins. Cryptocurrencies like Doge and Shiba have skyrocketed in just a few months, sparking the interest of investors looking to make a quick profit. We don’t know why South Korean traders are afraid of regulations on exchanges they use to trade these coins. But whatever the reason is, these traders should be warned that they might lose everything if they invest in bitcoin and other similar cryptocurrencies.
