Winners and wipeouts: South Korea’s crypto exchanges are splitting into two

Key Points

1. Dunamu (Upbit) and Bithumb are seeing soaring valuations, with Dunamu reaching 258,000 won and Bithumb climbing to 275,000 won in private share prices, driven by Bitcoin's performance and potential IPOs.

2. Coinone, holding only 3% of the local market, has sold $2.96 million worth of digital assets (10% of its total) amid liquidity shortfalls and regulatory changes.

3. South Korea is implementing robust regulatory reforms, including stricter frameworks for crypto exchanges and banks ramping up stablecoin adoption.

4. The market split highlights the contrasting fortunes of major exchanges thriving in the bullish cycle versus smaller players struggling to survive.