Trade volume in Korean crypto markets recently reached its highest level in over two years during early March. This surge was attributed to a more favorable macroeconomic environment and increased competition among local exchanges, as per data from blockchain analytics firm Kaiko. Despite the success of the zero-fee strategy in boosting trade volume, Bithumb experienced a significant revenue decline of 60% in 2023, leading to the discontinuation of the initiative just five months after its launch. Kaiko reported a slight decrease in KRW volumes in early April, but noted that market sentiment across the Asia-Pacific region could improve following the approval of spot Bitcoin and Ethereum exchange-traded funds (ETFs) in Hong Kong.
The Hong Kong Stock Exchange is expected to take approximately two weeks to finalize preparations for product listing and related matters.
