While the broader cryptocurrency market has rebounded strongly, there is one altcoin in particular that stands out. The token’s price is up nearly 30 percent today. What’s more, this surge has also seen significant upside over the past week. In particular, the listing of South Korea’s leading cryptocurrency exchange Bithumb played an important role in today’s price increase.
Bithumb announces Paycoin listing, altcoin price takes flight!
Earlier today, crypto exchange Bithumb shared details regarding the listing of the Paycoin cryptocurrency on its platform. The cryptocurrency will only be available on the Won Market and will only support deposits made through the Paycoin network. Deposits will be available on July 15, 2024, between 17:00 and 18:00. However, the start of trading and withdrawals will be delayed due to the asset key change. The crypto exchange also plans to update users about the revised schedule through subsequent notifications.
Trading of the Paycoin cryptocurrency on the Bithumb exchange will start with an initial base price of 166 won. Bithumb is one of the most popular crypto trading platforms in South Korea. Therefore, Paycoin’s first listing on the exchange is expected to provide a huge liquidity to the cryptocurrency. Following the news of Bithumb’s listing, the altcoin price made a vertical ascent. PCI jumped strongly from its intraday level of $0.1116 to $0.1589. After that, the altcoin lost some altitude but continued its flight. At the time of writing, PCI was changing hands at $0.1497, up 26.84% on a daily basis. In addition, the token extended its weekly gain to nearly 79%.
Paycoin recruited more than 100,000 traders
As you have been following from Kriptokoin.com, Bithumb recently listed TAIKO, the Vitalik Buterin-backed Ethereum Layer-2 project. The Paycoin listing took place a week after that. Paycoin allows users to launch various products and services in real life using digital assets. Traders using Paycoin benefit from fast payments and lower transaction fees compared to traditional payment services.
The platform offers an end-to-end payment solution that directly connects users and traders using Blockchain-based smart contracts and virtual asset circulation structures. First launched in South Korea in 2019, the Paycoin payment platform has already signed up more than 100,000 merchants, including Domino’s, KFC, 7-Eleven and other top players.
South Korea’s tax cut provides catalyst for crypto
Another important catalyst for the rise in Paycoin prices today is that the South Korean government is considering postponing the implementation of the crypto tax for another three years. As South Korea is one of the most actively traded crypto markets, this decision is expected to provide strong liquidity to the market. Thus, cryptocurrencies such as Paycoin and others will benefit significantly from this development.
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