On March 11, 2024, the South Korean exchange Upbit listed Internet Computer (ICP) with trading pairs in South Korean won (KRW), Bitcoin (BTC), and Tether (USDT), causing the Token price to increase by more than 20%.
This listing allows ICP to access liquidation from South Korean retail investors for the first time through direct trading with fiat currency, a trading channel that often sees significant price fluctuations when Token are first listed.
Why this is important:
- Korean retail traders can now buy ICP directly with KRW, without having to convert to a stablecoin, easing the barrier to entry for new market participants.
- Direct trading in fiat currency on Upbit – an exchange that accounts for approximately 70% of volume in South Korea – typically leads to a faster inflow of Capital into newly listed assets.
- A surge of over 20% has helped ICP rise in price from $2.40 on March 11th to $2.90 at the time of writing.
Specific details:
- Upbit announced that ICP deposits would be available approximately 90 minutes after the announcement, and trading would begin at 17:00 KST on March 11, 2024.
- Buy orders are temporarily suspended for the first 5 minutes after trading opens to limit strong price fluctuations at the start of selling.
- Sell orders at prices more than 10% lower than the previous day's closing price are also temporarily restricted.
- The transaction will only open when the liquidation conditions are met according to Upbit's standard listing procedure.
The overall picture:
