Latest news with #Upbit
Yahoo
3 days ago
- Business
- Yahoo
AI Crypto Livepeer Explodes 150% on Upbit Listing
The native token of Livepeer LPT, a decentralized artificial intelligence video processing protocol, soared on Friday to its strongest price in four months on exchange listing and other catalyst. The token advanced 150% over the past 24 hours, hitting a session high at $14.20, CoinDesk data shows. The surge defied a slump in the broader crypto market, with bitcoin BTC sliding 2% below $106,000 and the CoinDesk 20 Index declining 3.5% during the same period. Most artificial intelligence-linked tokens were down 5%-10%. The price action happened as popular Korean exchange Upbit introduced trading with the token against KRW and Tether's USDT on its platform earlier on Friday. Joel Kruger, a crypto market strategist, highlighted that asset manager Grayscale introduced earlier this week its Artificial Intelligence Crypto Sector, with Livepeer being included among the 20 cryptocurrencies. Ecosystem developer Livepeer Foundation's advisory boards also kicked into gear, starting a community survey about the platform's strategic direction, he pointed out.
Korea Herald
22-05-2025
- Business
- Korea Herald
Bitcoin surges to new high; kimchi premium remains modest
Bitcoin, the world's biggest cryptocurrency, reached a record high of $110,000, backed by growing industry optimism, Thursday. Trading denominated in the South Korean won neared its peak as well, hovering at around 150 million won ($108,700) as of press time. Regulatory developments in the US stoked industry optimism that the country will shortly agree on its first regulations for digital assets, boosting investor sentiment for the cryptocurrency. According to global price-tracking platform CoinMarketCap, the price of bitcoin surpassed $110,000, reaching an industry milestone. As of 2 p.m., it traded at $111,461, marking a 3.7 percent gain from 24 hours earlier. Cryptocurrency exchanges in Korea operate in a relatively isolated environment from the global trading market, as they are restricted to trading exclusively in Korean won. Bitcoin traded above 154 million won as of 2 p.m. on the nation's largest crypto exchange Upbit. It traded similarly on Bithumb, the second-largest crypto exchange here. The crypto previously peaked at roughly 160 million won on the local market in March, before it inched down to as low as the 110 million won range on April 7, as risk aversion grew with the US tariff policy creating market uncertainty. With the surge in global trading prices of bitcoin, the 'kimchi premium' — the price gap between the cryptocurrency's value in Korea and international markets — fluctuated at below 1 percent, meaning trading prices in Korea were around 1 percent more expensive than globally. Though the price gap remains relatively stable compared to when it was pushed to nearly 10 percent in February, experts pointed out that it has widened in recent days with gains in the Korean won. Theoretically, the kimchi premium strengthens when the won gains value. 'The price discrepancy has widened from minus 1 percent to plus 1 percent, meaning the kimchi premium has strengthened,' said Kim Min-seung, head of research at Korbit, one of Korea's top five cryptocurrency exchanges. 'But there are various factors impacting the kimchi premium. It does not always move in accordance with currency fluctuation. We cannot pinpoint a single reason that drives up or weakens the phenomenon."
Arabian Post
20-05-2025
- Business
- Arabian Post
Bithumb's Market Ascent Fuels Ambitious 2025 IPO Plans
Bithumb, South Korea's second-largest cryptocurrency exchange, has significantly increased its market share, now handling approximately 25% of the nation's crypto trading volume, up from under 10% in 2023. This surge positions the company for a planned Initial Public Offering in the latter half of 2025, with Samsung Securities appointed as the lead underwriter. The exchange's growth strategy included the elimination of transaction fees for all supported digital assets, a move that temporarily boosted its market share to a peak of 72% in early 2024. This aggressive approach allowed Bithumb to momentarily surpass its main competitor, Upbit, which has traditionally dominated the South Korean crypto market. Bithumb's decision to pursue an IPO is not primarily driven by a need for capital infusion. According to its semi-annual report, the company holds financial assets exceeding 400 billion won . Instead, the IPO aims to enhance corporate transparency and governance, thereby rebuilding public trust following past controversies involving its leadership. The exchange has undergone significant leadership changes in preparation for the IPO. Former Chairman Lee Jung-hoon has returned as a registered director, while Jaewon Lee has been appointed as the new CEO of Bithumb Holdings. These changes are part of a broader effort to strengthen the company's governance structure and align with regulatory expectations. Bithumb has also shifted its banking partnership from NH Nonghyup Bank to KB Kookmin Bank, South Korea's largest financial institution. This move is expected to enhance the exchange's credibility and attract a broader customer base, including institutional clients. Despite these advancements, Bithumb faces ongoing regulatory challenges. The Financial Intelligence Unit initiated an on-site inspection in March 2025 to assess the exchange's compliance with anti-money laundering regulations. The outcome of this investigation could significantly impact the company's IPO timeline and investor confidence. See also LockBit Breach Unveils 60,000 Bitcoin Wallets and Affiliate Data Bithumb is considering listing options beyond South Korea, including a potential listing on the U.S. Nasdaq. This consideration arises from the complex regulatory environment in South Korea, where cryptocurrencies are not recognized as legitimate financial products, potentially complicating domestic listing procedures. Financially, Bithumb reported a net profit of $110 million in 2024, reflecting its robust market position and operational efficiency. The exchange's commitment to regulatory compliance and technological enhancements has contributed to its resilience in a volatile market. Arabian Post – Crypto News Network
Bloomberg
19-05-2025
- Business
- Bloomberg
Bithumb Claims Larger Slice of Korea's Crypto Space Ahead of IPO
After years spent in the shadow of larger rival Upbit, crypto exchange Bithumb is clawing back a more meaningful share of South Korea's tightly held digital-assets market. Bithumb now consistently accounts for about a quarter of the country's massive crypto trading volumes, up from a single-digit market share in 2023, according to Kaiko data.
Arabian Post
16-05-2025
- Business
- Arabian Post
Dunamu's Bitcoin Holdings Climb Amid Record Profits and Regulatory Scrutiny
Dunamu, the parent company of South Korea's largest cryptocurrency exchange Upbit, concluded 2024 with a substantial Bitcoin reserve of 16,839 BTC, valued at approximately $1.1 billion based on year-end prices. This accumulation primarily stems from trading and withdrawal fees collected over the years, reflecting the firm's dominant position in the domestic digital asset market. The disclosure of these holdings coincides with Dunamu's announcement of an 85.1% year-over-year increase in operating profit, reaching 1.18 trillion Korean won , and a 22.2% rise in net profit to 983.8 billion won for 2024. The company attributes this financial upswing to heightened trading activity following Bitcoin's halving event in April, which reduced mining rewards and historically leads to increased market volatility and investor interest. Contributing to the favorable market conditions were global macroeconomic factors, including expectations of U.S. interest rate cuts and a pro-cryptocurrency stance from the administration of President Donald Trump. These elements fostered increased liquidity and investor confidence, benefiting platforms like Upbit. In response to its robust financial performance, Dunamu announced a tripling of shareholder dividends, distributing 8,777 Korean won per common share, up from 2,937 won the previous year. The total dividend payout amounts to nearly 300 billion won , signaling the company's confidence in its sustained growth trajectory. Despite these achievements, Dunamu faces significant regulatory challenges. South Korea's Financial Intelligence Unit imposed a three-month suspension on Upbit, citing violations related to transactions with unregistered virtual asset operators and deficiencies in Know Your Customer protocols. The suspension specifically targeted new customer registrations and their ability to transfer virtual assets. Dunamu contested the FIU's decision, arguing that the sanctions were disproportionate and did not consider the company's compliance efforts. A Seoul court temporarily lifted the suspension, granting Dunamu a 30-day injunction to challenge the regulatory action. This legal reprieve allows Upbit to continue operations while the dispute is adjudicated. The regulatory scrutiny has had a tangible impact on Dunamu's market valuation. Reports indicate that the company's unlisted stock price declined by nearly 30% amid the ongoing investigations and enforcement actions. Analysts suggest that the outcome of the legal proceedings and Dunamu's ability to address compliance concerns will be critical in restoring investor confidence. Upbit maintains a commanding presence in South Korea's cryptocurrency market, accounting for over 70% of domestic trading volume. In February 2024, the exchange reported a monthly trading volume of $101 billion, underscoring its significance in the country's digital asset ecosystem. Arabian Post – Crypto News Network
