Korean banks concerned about altcoin
The altcoin trading volume outperformed bitcoin last weekend. The volume on South Korean exchanges surged with 95%. This change in the market fuelled discussion in South Korea about cryptocurrencies. In fact, the altcoins' rocketing performance forced many South Korean exchanges to keep listing the new hot coins to satisfy their customers. This led to many new coins getting a high trading volume.
The Korean Federation of banks, is warning banks and exchanges about the danger these high altcoin volumes. These altcoins bring risks and offer no real value to their costumers.
Dog coins need regulations
The market capitalization of altcoins has also skyrocketed on other exchanges while bitcoin has lost ground. Lately, meme coins and especially dog coins like Doge and Shiba have gotten more attention. The last time this happened was during the bull market in 2017. At the time, the first coins named after dogs appeared, and later, cryptocurrencies named after cats gained popularity.
Doge has been in the top five in market cap for some time now. In addition, its brother Shiba broke into the top twenty this weekend. The main reason people are moving into these altcoins is because of the unparalleled returns that traders have seen when investing in coins like Doge and Shiba. In reality, many South Korean traders are afraid of regulations on the exchanges they use to trade. Warnings like these are not reassuring to them.
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