Korean Crypto Market Is ‘’Pretty Dead’’: Dovey Wan

The Korean crypto market seems to be really out of shape since the Korean traders have given up and the crypto volumes are visibly lower over the last few months. The Kimchi premium is now completely gone and the low volumes have started wiping out the markets for multiple altcoins as we are reading further in the altcoin news today.

DoveyWan, the co-founder of PrimitiveCrypto has commented on the outflow of traders and says that this is one of the reasons why the Korean Crypto market is now in a serious state of problems. The Korean markets led by the Bithumb activity, actually led the BTC prices to their absolute peak and the BTC price even reached above $20,000 so the altcoins that showed up on the Korean markets also got a major boost. For some ICO projects, the Korean markets were an important source of price and without trading, the prices lost more than half of their value.

The Korean traders also led Bitcoin Cash (BCH) to a wild rally above the $2,500 which was followed by a deep crash. This even followed by a prolonged bear market for most of the coins, deleted the previous speculative appetite and during the same time, the South Korean exchanges were also under attack by the Lazarus hack group who works under the North Korean regime. The overall altcoin trading remains subdued but the exchanges are now trying to pivot into new sources of earnings. Binance even saw its volumes drop dramatically and the altcoins previously provided a heightened activity. Now the pairs have remained inactive and are calling for delisting.

Dovey Wan also pointed out that the crypto-related charts are now mostly abandoned or have switched to other topics. There is also little hope that obscure coins will skyrocket and the newest observations point that the loss of hope for another altcoin season is present again. However, there is a significant purge of coins happening and most of the assets have no hope of recovery and no liquidity at all. There is some hope for exchanges as the stablecoins still see growing flows between the platforms.
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The Korean won fiat-on ramp turned out not to be enough and was limited to locals who can open bank accounts in the country.