As crypto enthusiasts await a spot Ethereum ETF, Bithumb, announced Arweave (AR) and Ethereum Name Service (ENS) with the Korean Won (KRW) trading pair. On May 28, the exchange is supposed to begin deposit, transaction, and trading facilities for all trading pairs.
Bithumb’s Plan for AR & ENS Listing
On May 28, Bithumb, the number 1 virtual asset platform released a post, announcing the listing of a new trading pair. Details of the deposit, trading, and transfers are provided for both pairs.
Wu Blockchain told its 372.5k followers about the new listing on X.
Bithumb, South Korea's second largest crypto exchange, announced that it will list the Korean won trading pair of Arweave (AR) and ENS (ENS). AR deposits will be opened at 15:00 on May 28, UTC+8, and ENS deposits will be opened at 14:30. https://t.co/cZO7nbtK3N
— Wu Blockchain (@WuBlockchain) May 28, 2024
Uncovering the AR listing details will support the Arweave network and wouldn’t support deposits through different networks. Individuals can initiate a deposit by May 28, 04:00 PM onwards at a standard price of 54,800 Won.
Moreover, individuals can avail transaction and withdrawal services on the same day, from 06:00 PM onwards.
In the same way, ENS will support the KRW market and Bitcoin (BTC) market as well as support Ethereum (ETH) Network. Traders can initiate trading on May 28, 03:30 PM at a standard price of 35,840 Won.
The sudden reaction to the announcement was recorded on AR and ENS prices.
What About AR And ENS Prices?
According to CoinMarketCap data, the listing news spiked the price of ENS tokens up to 6.57% in a day. ENS price surged from $25.5 on May 27 to over $27.11, at the press time, with a market cap of $853,440,642 and $345,309,048 in 24-hour volume.
ENS Price I Source: CoinMarketCap
After a sudden drop to $24.06 on the same day, the coin regains its momentum, indicating an increase in demand for the particular coin.
In the same manner, AR token recorded a sudden surge in price from $39.18 on May 27 to $41.00 on May 28. However, after hitting a high, the coin bounced back to $39.39, at the time of writing.
South Korea’s Standing in Crypto Space
South Korea holds a strong and recognizable place in the crypto space as it secured eighth position in cryptocurrency profits in 2023. According to Bloomberg data, the country has recorded a surge in active users from 390K to 6.45 Million by 2023 end.
Moreover, the cryptocurrency market of South Korea is supposed to hit $1.8 Billion in revenues, according to Statista. Furthermore, the market is predicted to hit over $2.2 Billion by 2028, showcasing expanded roots in the crypto space.
