Cryptocurrencies appreciate after exchanges remove warnings

Two cryptocurrencies surged in the market on Tuesday (23) after some brokers removed a warning against the projects and indicated they would re-list projects to investors.

An interesting move in South Korea since the Earth Collapse (LUNA) involves a combination of cryptocurrency exchanges.

That’s because, called Digital asset exchange alliance (DAX), the movement empowers member brokers to make collaborative decisions to mitigate risk. It is worth remembering that when LUNA collapsed, the South Korean market was one of the most affected in the world.

With DAXA, the country’s exchanges try to make decisions together and make similar recommendations, which in a way standardized the market.

South Korean exchanges indicate that stablecoin projects are no longer so dangerous

DAXA’s member exchanges include UpBit, Bithumb, Coinone, Gopax, and Korbit, some of the largest by volume in South Korea and Asia. The platforms, which move billions of dollars every year, have come under a lot of pressure in recent years and have banded together to fortify themselves in the face of regulators.

Now, in a statement to the market this Tuesday (23), UpBit highlighted that DAXA recognized two cryptocurrencies as outside the risk zone for investors.

According to the note, both the Kava cryptocurrency and Waves no longer pose significant risks to investors due to their association with stablecoins. Since the collapse of LUNA and the stablecoin UST, other dollar-backed currencies have been through a lot of turmoil as they lost their peg.

For example, in the Waves ecosystem, the Neutrino USD (USDN) lost its parity and got a lot of pressure in South Korea with its troubles.

Kava also had problems with the stablecoin USDX in recent months and seems to be solving them.

Waves and Kava cryptocurrencies appreciate after news on South Korean exchanges

With a large daily trading volume, South Korean brokers have become known in recent years for their high market liquidity. So, as Waves and Kava regain liquidity with trading pairs, the projects are benefiting from the local market, which ranks high globally.

In the case of Waves (WAVES), it registered a strong 16.5% increase in the past 24 hours to reach the US$1.94 price point, the highest of the past 30 days. However, the project continues to register a 69% decline over the past year.

Kava (KAVE), on the other hand, is up 9.2% over the past 24 hours, trading at US$1.19, and reaching a 30-day high of 53%. Like Waves, Kava has lost 58% over the past year, despite the optimistic near term.

Either way, the temporary pressure relief shows that stablecoins are getting a reprieve in South Korea, after a 2022 marred by meltdowns in the country.

Source: Live Coins

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