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- Altcoin makes the most after BTC fall.
- Banking Associations raise the alarm after a massive rise in Altcoin transactions.
- More than 150 altcoins are listed each on four of the biggest crypto exchanges in South Korea.
Altcoin transactions increase and BTC transactions fall to 5% of all transactions
The fall in Bitcoin(BTC) is a blessing for Altcoins, and the trading volume has reached new heights. However, this rise is not looked at pleasantly by Banks in South Korea. Bitcoin.com reports that Banking associations have raised the alarm over the surge in Altcoin trading. The Korea Federation of Banks (KFB) has asked its members to audit trading volumes of altcoins by their consumers.
Altcoin transactions increase by 95%
Altcoin transactions have surged by 95%, and it is outperforming BTC since last weekend. Coin Telegraph reports that there has been a noticeable shift by crypto traders towards Altcoins. More than 150 altcoins are listed each on four of the biggest crypto exchanges in South Korea. The latest KFB recommendation comes after BTC trading accounted for less than 5% of the total trading.
Exchanges need to be more vigilant
It carries a potential risk, according to banking associations of South Korea. The South Korean banks are exposed to high altcoin transactions since they offer their services to domestic virtual currency exchanges. Bitcoin.com quoted an official from the Korea Federation of Banks who said that the safety of digital assets is of paramount importance. It can be measured by the number of digital coins on an exchange. If the exchange dabbles in too many digital assets, there is an enhanced risk.
The altcoin surge has been associated with a fall in the numero uno crypto coin, BTC, which formed only 4.26% on the domestic exchange Upbit. Banks have been asked to be on guard and report any suspicious transactions passing through the cryptocurrency exchanges. The Banks can legally do this according to an amended act on a suspicious financial transaction.
Financial Services Commission (FSC) chairman’s Harsh Tone on Cryptos
The surge in cryptocurrency trade has sent tremors down the spines of Central Banks in most nations. Financial Services Commission (FSC) chairman Eun Sung-soo even went to ask the government to stop all digital asset exchanges. This harsh rhetoric has not gone well with the crypto community. South Korea has 200 virtual currency exchanges.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
