Over the last 100 days, South Korea has experienced a significant surge in crypto trading activity. The country's leading crypto exchanges, Upbit and Bithumb, witnessed record-breaking trading volumes in the initial week of January 2024. However, the most popular traded coins in South Korea differ from the leading pairs found on global platforms like Binance and Coinbase. This report provides an in-depth analysis of South Korea's top crypto pairs based on their trading volumes.
Unique Top Tokens in South Korea
As of January 15, 2024, the top five cryptocurrencies on Binance by trading volume are BTC, ETH, SOL, XAI, and TIA. Similarly, Coinbase's top five tokens include BTC, ETH, SOL, OP, and TIA.
While Binance and Coinbase are the largest crypto exchanges globally in terms of 24-hour trading volume, Upbit and Bithumb dominate the local market in South Korea. Upbit, in particular, holds a significant share of the country's total crypto trading volume.
Although there are similarities between the top five digital currencies traded on Binance and Coinbase, South Korea shows a preference for ethereum classic (ETC). ETC is the top coin on Upbit and enjoys immense popularity in the country, with nearly 69% of its trades conducted in Korean won.
ETC also ranks as the fifth most traded cryptocurrency by volume on Bithumb and holds the sixth position on Coinone. Notably, ETC is currently trading at a 4.65% premium on Upbit, while BTC is marked at a 4.40% premium on the same exchange, relative to average and weighted global exchange rates.
Top Crypto Pairs on South Korean Exchanges
At Upbit, the top five cryptocurrencies by trading volume are ETC, BTC, T, SUI, and SOL. On the other hand, Bithumb's premier crypto assets include BTC, SOL, ETH, XRP, and ETC. Coinone's leading five are BTC, XRP, WEMIX, ETH, and SOL. Notably, a significant proportion of threshold network token (T) transactions, SUI trades, XRP swaps, and WEMIX market trades involve settlements in Korean won.
These exchanges, along with Korbit, contributed to 2.8% of global ETH swaps and 6.93% of all BTC swaps in the past day. Trading volumes on Upbit and Bithumb have been steadily increasing since September 2023, reaching their peak in the first week of January 2024. The daily trade volumes in January on both exchanges have surpassed any records set in 2023.
Growth of South Korea's Crypto Market
South Korea's digital currency trading market has witnessed remarkable growth over the last six months, with record-breaking trading volumes on local exchanges. This trend is seen as a positive indication for the future of crypto adoption in the country, as traders diversify their portfolios beyond the leading pairs found on international platforms.
What are your thoughts on the rising trading volumes in South Korea and the difference in top coins compared to other international platforms? Share your opinions in the comments section below.
Frequently Asked Questions
How do I Withdraw from an IRA of Precious Metals?
If you have a precious metal IRA account such as Goldco International Inc., it may be worth considering withdrawing your funds. When you sell your metals, the value of those funds will be higher than if it was kept in the account.
Here's how to withdraw your precious metal IRA money.
First, verify that your precious metal IRA allows withdrawals. Some companies permit this, while some don't.
Second, find out if you are eligible for tax-deferred gains from selling your metals. Most IRA providers offer this benefit. Some providers do not offer this benefit.
Third, make sure to check with your precious metal IRA provider if there are any fees associated with these steps. It is possible that the withdrawal will be more expensive.
Fourth, ensure that you keep track your precious metal IRA investment for at least 3 years after selling them. You should therefore wait until January each year to calculate capital losses on your investment portfolio. You will then need to file Form 8949 which contains instructions on how to calculate the amount of gain that you have realized.
In addition to filing Form8949, you must also notify the IRS about the sale or purchase of precious metals. This will ensure you pay taxes on all the profits that your sales generate.
A trusted attorney or accountant should be consulted before you sell your precious metals. They will ensure you are following all the procedures and avoid making costly mistakes.
How much should precious metals make up your portfolio?
Investing in physical gold is the best way to protect yourself from inflation. You can invest in precious metals to buy into their future value, and not just the current price. Your investment will increase in value as the prices rise.
If you hold on to your investments for at least five years, you will receive tax benefits on any gains. You will also have to pay capital gains taxes if your investments are sold after the five-year period. Learn more about how you can buy gold coins on our website.
What are the fees for an IRA that holds gold?
The average annual fee to open an individual retirement account (IRA), is $1,000. There are many types and types of IRAs. These include traditional, Roth or SEP-IRAs as well as SIMPLE IRAs. Each type has their own set of rules. For example, you may have to pay taxes on any earnings from your investments if they're not tax-deferred. The amount of time you intend to keep the money must be considered. If you are planning to hold onto your money for a longer time, you will likely save more money opening a Traditional IRA than a Roth IRA.
You can contribute up to $5500 per year to a traditional IRA (or $6500 if you are 50 or older). The Roth IRA allows unlimited contributions each year. The difference between the two is simple. A traditional IRA can be withdrawn after retirement without any taxes. With a Roth IRA, however, any withdrawals will be subject to taxes.
Can I get physical ownership of gold in my IRA
Many people want to know if gold can be physically owned in an IRA. It is a valid question, as there is no legal way to possess gold in an IRA account.
But when you look closely at the law, nothing stops you from owning gold in an IRA.
Problem is, most people don’t realize how much they can save by putting gold in an IRA and not keeping it in their home.
It's simple to throw out gold coins but difficult to put them into an IRA. You'll have to pay twice taxes if you keep your gold in your home. The IRS will collect once and the state where your residence is located will collect the other.
You can also lose your gold and have to pay twice the taxes. Why would you want to keep your gold in your house?
You might argue that it is important to know that your gold remains safe in your house. To protect yourself from theft, store your gold somewhere that is more secure.
You shouldn't even leave your gold in your home unless you plan to visit often. Thieves can easily steal your gold if you don't keep it safe.
It is better to keep your gold in an insured vault. Your gold will be safe from fire, flood and earthquake as well as robbery.
Another benefit to keeping your gold in vaults is that you won’t have to pay any property taxes. Instead, you will have to pay income tax for any gains you make selling your gold.
You may be interested in an IRA if you don't want to pay taxes on your gold. An IRA will allow you to avoid income tax while earning interest on your gold.
Capital gains tax is not required on gold. If you decide to cash it out, you will have full access to its value.
You won't have to move your gold because IRAs are federally regulated.
Bottom line: An IRA can allow you to own gold. Fear of losing it is the only thing that will hold you back.
- The maximum yearly contribution to an individual's IRAs is currently $6,000 ($7,000 for those 50 years or older), or 100% of earned income, whichever is less. (monex.com)
- Silver must be 99.9% pure • (forbes.com)
- To qualify as IRA allowable precious metals and be accepted by STRATA, the following minimum fineness requirements must be met: Gold must be 99.5% pure, silver must be 99.9% pure, and platinum and palladium must both be 99.95% pure. (stratatrust.com)
- Same tax rules as traditional IRA SEP IRA contributions in 2022 are limited to 25% of compensation or $66,000, whichever is less Before setting up a Silver IRA, understand the fees and IRS restrictions. (sltrib.com)
- Gold IRA: Add some sparkle to your retirement nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
How to Open a Precious Metal IRA
Precious Metals are one of today's most desired investment vehicles. They offer investors higher returns than traditional investments, such as bonds and stocks. This is why they are so popular. It is worth your time to research and plan before you invest in precious metals. This is what you need to know before you open your precious metal IRA.
There are two main types for precious metal accounts: paper gold and Silver certificates (GSCs), and physical precious Metals accounts. Each type has its pros and cons. GSCs can be traded and access physical precious metals accounts, which offer diversification benefits. Keep reading to find out more about these options.
Physical precious Metals accounts consist of bullion, bullion, and bars. While this option provides diversification benefits, it also comes with some drawbacks. The costs involved in buying, storing and selling precious metals can be quite high. It can also be difficult to transport their large sizes from one place to the next.
The silver and paper gold certificates are also relatively affordable. Additionally, they can be easily traded online and accessible. They're a great choice for people who don’t want precious metals. But, they're not as well-diversified as physical counterparts. These assets are also supported by government agencies, such as the U.S. Mint. Inflation rates could cause their value to drop.
You should choose the account that best suits your financial needs before you open a precious-metal IRA. Consider the following:
- Your tolerance level
- Your preferred asset allocation strategy
- How much time do you have to invest
- It is up to you whether you intend on using the funds short-term for trading purposes.
- Which type of tax treatment would you prefer
- What precious metal(s), would you like to invest?
- How liquid is your portfolio?
- Your retirement date
- You'll need somewhere to keep your precious metals
- Your income level
- Your current savings rates
- Your future goals
- Your net worth
- Special circumstances that may influence your decision
- Your financial overall situation
- Your preference between physical or paper assets
- Your willingness to accept risks
- Your ability to manage losses
- Your budget constraints
- Your desire to become financially independent
- Your investment experience
- Your familiarity and knowledge of precious metals
- Your knowledge of precious Metals
- Your confidence in the economy
- Your personal preferences
Once you have decided which type of precious-metal IRA is best for you, it's time to open an account at a reputable dealer. These companies can be found through word of mouth, referrals and online research.
After you have opened your precious metal IRA account, you will need to decide how much money to put in it. It's important to note that each precious metal IRA account carries different minimum initial deposit amounts. Some accounts require $100 while others allow you to invest up $50,000.
As you can see, your precious metal IRA IRA investment amount is completely up to the individual. You should choose a higher initial deposit if you want to build wealth over time. You might prefer a lower initial deposit if you intend to invest smaller amounts every month.
You have many options when it comes to the type of investments you can make. These are the most commonly used:
- Bullion bars and rounds of gold, as well as coins
- Silver – Rounds and coins
- Platinum – Coins
- Palladium – Bar and round forms
- Mercury – Round and bar forms
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