South Koreans are increasingly interested in cryptocurrencies and stablecoins as alternatives to traditional system products and services. This and more news in this practical summary daily so that you are always informedwith events most latest that occur within the crypto world.
Cryptocurrencies vs capital markets in South Korea
📍Cryptocurrency exchange trading volume surpassed capital markets trading volume in South Korea. In a report on the cryptocurrency market, crypto blogger Colin Wu highlighted that local cryptocurrency exchanges recorded a trading volume on March 10 of 11,8 trillion Korean won, approximately $90.000 billion.
By contrast, the trading volume in the capital markets on the same day was 11,47 trillion Korean won, approximately $87.000 billion.
Wu noted that South Koreans are increasingly interested in alternative assets such as cryptocurrencies, turning to them as their main investment options. The report also highlighted that users in South Korea have a preference for stablecoins over cryptocurrencies with more volatile prices, such as Bitcoin and Ethereum.
The rise of cryptocurrencies in South Korea has encouraged authorities to create a management system that allows them to efficiently analyze information related to commercial activity with cryptoassets, in order to mitigate the risk of tax evasion. According to the authorities, this system will be launched next year.
Hong Kong launches regulatory sandbox for stablecoins
📍The Hong Kong Monetary Authority (HKMA) has authorized the launch of a sandbox focused on stablecoin issuers. In a release published on its official site, the monetary authority reported that all those companies interested in issuing stablecoins will be able to participate in the regulatory sandbox announced on March 12, which will be carried out within the jurisdiction to explore the potential of this type of digital assets in the financial system.
According to the authority, the sandbox will have a limited scope and controllable risks in order to guarantee the safety of the participants and the system in general.
HKMA CEO Eddie Yue emphasized that the sandbox will provide an effective channel to help the agency formulate appropriate regulations to promote the sustainable and responsible development of the stablecoin ecosystem in the region.
Standard Chartered: Bitcoin will trade between $150.000 and $250.000 in 2025
📍Standard Chartered bank analysts consider that the price of Bitcoin will continue to be driven by spot ETFs. In a report shared with several media, the British bank's analysts pointed out that there are parallels between Bitcoin and gold ETFs, so these financial market instruments could lead the price of Bitcoin to trade above $150.000, by the end of this year and $250.000 billion dollars in 2025.
Analysts said that Bitcoin's price rise, driven by ETFs and the halving, has been steeper than anticipated at the beginning of the year, making a price above the $150.000 level this 2024 possible. Previously, Standard Chartered analysts had predicted that Bitcoin would reach $100.000 per unit by the end of 2024.
Achi NFT sells for $4,3 million
📍The photo of Achi, the dog representing the Dogwifhat token, was sold as an NFT on the Ethereum blockchain. The sale of the NFT was carried out through the NFT Foundation platform, based on Ethereum. The buyer bid 1,210.7 ETH, equivalent to about $4,3 million dollars at the time of sale, for the NFT.
The pink hat sported by the dog named Achi was reportedly created by its owner. The photo was taken in November 2028 and went viral last year. Now, this photo is the image used by the Dogwifhat developers to represent their WIF token, which is trading at over $2,70 at press time.
Continue reading: El Salvador confirms that it will continue buying 1 BTC every day
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