South Korean Exchanges Boost Trading Volumes with Dollar-Pegged Stablecoins
- Surge in Market Demand: The volatility in the won-dollar exchange rate has led to a significant increase in demand for dollar-pegged stablecoins in the South Korean crypto market, prompting exchanges to ramp up trading volumes to adapt to market changes.
- Zero Trading Fees: Korbit announced the waiver of all trading fees for transactions involving the dollar-pegged stablecoin USD Coin (USDC) and launched an ongoing trading campaign expected to achieve at least 10 million won ($6,900) in weekly transaction volume through March.
- User Incentives: Korbit offers a reward pool of 25,000 USDC for users who meet the trading volume threshold, while Coinone has introduced a similar initiative, distributing 8,000 USDC weekly to encourage trading activity.
- Legislative Regulatory Progress: South Korea has taken its first legislative step to regulate stablecoins under the Foreign Exchange Transactions Act to combat money laundering and tax evasion through digital assets, indicating a tightening of regulatory oversight on stablecoins.
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Technical Analysis for BANK
Technical Sentiment Analysis for Lorenzo Protocol (BANK) As of , Lorenzo Protocol (BANK) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 9 technical signals, shows that 5 indicators are flashing buy, while 4 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for BANK stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, BANK is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Lorenzo Protocol (BANK) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.00385 | 0.0169 | 0.0279 | 0.0409 | 0.0519 | 0.0649 | 0.0759 |
| Fibonacci | 0.0169 | 0.026 | 0.0317 | 0.0409 | 0.05 | 0.0557 | 0.0649 |
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