UPbit is the biggest cryptocurrency exchange in South Korea. Recently, in the third quarter of 2018, it was able to generate a profit of $ 100 million. This is a significant amount considering the fact that the cryptocurrency market is in a downturn. Due to this very reason, many of the cryptocurrency exchanges are actually suffering from a downturn. This is one of the main problems which many of the other cryptocurrencies exchanges are facing. However, this one seems to be generating more in profits.
On the other hand, the second largest cryptocurrency exchange in South Korea was able to generate a profit of $ 39 million.
Bithumb generates only $39 million in profits
Bithumb, on the other hand, generated a profit of only $ 39 million. This was down from $ 400 billion. This clearly indicates that many of the cryptocurrency exchanges are actually facing a massive decline in operations. This is not only due to the falling volumes but also the falling prices of cryptocurrencies. That is why; cryptocurrency exchanges are trying different ways in which they will be able to increase the volumes once again.
Moreover, this particular exchange also suffered from hacking attempt as well. Due to this very reason, volumes decreased significantly. If that hacking attempt had not gone through, it would have been able to generate a volume of $ 70 million. This clearly indicates that not all is well in the cryptocurrency industry. Due to the hacking attempt, many of the cryptocurrency users have no longer trust in it as well. This clearly indicates that the cryptocurrency volumes will continue to move lower.
With that being said, many of the cryptocurrency exchanges which are able to control crowds are able to sustain their business and grow their business as well. With the help of this consistent growth, they will indeed be able to face this downturn in the cryptocurrency industry.
Many of the experts believe that in the next 6 months, the cryptocurrency industry will be turning around. If that happens, the profits of the cryptocurrency exchanges will increase once again as well. It remains to be seen till that point in time, whether the cryptocurrency exchanges are able to sustain. If indeed, they are able to sustain the businesses, it will become easier & have to profits from the cryptocurrency starts once again. This time around, the number of investors which will trade in cryptocurrencies will be much higher as well which will result in higher profits.