Bithumb announced Wednesday that it will waive trading commissions on 100 types of coins through July 8.
The amount of money used from bank accounts for cryptocurrency trading was over 64 trillion won ($57.9 billion) in the first quarter of this year, according to a report released by the office of Rep. Kim Byung-wook of the Democratic Party of Korea.
The Financial Services Commission (FSC) will oversee virtual asset businesses, set regulations for them and prevent money laundering with them, the Ministry of Science and ICT will be committed to promoting blockchain and preventing hacking.
Bitcoin, which has recently been dropping sharply, even halving compared to its peak earlier this month, has since been recovering.
Bitcoin’s rout is taking many companies down with it and leaving those who invested in either the token or related stocks with splitting headaches and regret.
Bitcoin trading has been weak, with its price around 50.7 million won ($45,000).
Tesla CEO Elon Musk recently sent the cryptocurrency market on a roller coaster ride, and retail investors are now preparing for fluctuations with the help of Elon Alerts, an online platform that picks up Musk’s latest crypto comments.
Korean retail investors, stuck between weak stocks and the fear of inflation, have nowhere to go. For some, the solution has been money market funds (MMFs).
The falling price of bitcoin and its shrinking share of the global cryptocurrency market has raised concerns of a potential repeat of the 2018 cryptocurrency crash.
Bitcoin prices plunged following comments by Tesla CEO Elon Musk that the company will not accept the cryptocurrency for the purchase of cars.