The price of Bitcoin Cash has toppled over the $3800 mark on the South Korean cryptocurrency exchange, Bithumb. At a time when market insiders are worrying about the stringent regulations imposed by South Korean government which wishes to bring upon crypto regulation, this massive demand for digital tokens is really bemusing. But there are a large number of factors which have triggered this surge in the prices of Bitcoin Cash. Let’s look into all of them one by one.
An interview was conducted by South Korean television and radio network company, Seoul Broadcasting System or SBS with Bitcoin.com CEO and crypto aficionado Roger Ver recently wherein the current trend of crypto market as well as the future pathway of Bitcoin Cash was discussed in detail. This interview was featured by SBS under the main section of one of its highly popular shows which usually secures more than one million active viewers. In the aftermath of this reporting by SBS other media outlets belonging specially to the world of finance as well as business-focused news publications started focusing more on the issue of Bitcoin Cash causing its price to skyrocket. The success rate of crypto markets has helped Bitcoin Cash in receiving a significant amount of mainstream coverage and adulteration from the general public.
KBS and SBS, two of the biggest South Korean media outlets have reported than trading exchanges like Coinone, Bithumb and Korbit operating under the national radar have been adding employees at a record scale which has even surpassed the human capital requirement of banks and financial institutions operating in the traditional finance market. This has aided in boosting up the market confidence and have caused investors to believe that the local crypto market is undergoing bombastic growth in spite of the strict regulations imposed on its functioning. Corporates in South Korea have been showing favouritism towards experienced and skilful employees while recruiting new manpower which had made it all the more difficult for fresh university graduates to bag a decent job.
Thus, it is understandable that job opportunities and security are both highly sensitive subjects which have received a solid boost courtesy the massive hiring spree triggered by crypto exchanges in South Korea. When a particular sector increases its hiring scale, it’s very obvious for young individuals to shift base into that specific field. Cryptocurrency industry have also been showing a similar trend off late in the South Korea landmass.
Also Read: Bitcoin Specific Job-Listings Increases Rapidly on LinkedIn
In spite of bringing upon stringency in the trading of cryptocurrencies, the demand for the same has undergone exponential growth in South Korea causing bitcoins and related cryptos to being traded at premium rates. Bitcoin Cash which resulted from the 1st August hard fork is presently being traded at a record-breaking premium of 30% or $900. The crypto trading ban imposed on foreigners has created a major disparity in between the price of cryptos in South Korean exchanges with that of the rest of the world. This has also contributed significantly to such premium rates which is most likely to endure in the long run since it is almost impossible for foreign investors to participate in the South Korean arbitrage market.
Also Read: A Survey Reveals One Third Of South Korean Workers Have Invested In Cryptcurrencies
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