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Bithumb Introduces Crypto Data Service Amid Fight for Profitability

Web3 & Enterprise·June 28, 2023, 2:11 AM

Bithumb, one of the major cryptocurrency exchanges in South Korea, has announced the launch of a new service called Insight, aimed at providing real-time data and analytics about crypto trading. This strategic step is seen as part of Bithumb’s response to address its recent profitability challenges.

 

Market patterns and trends

The service, as reported by local news agency Yonhap News, leverages customers’ data to deliver market patterns in real time. By utilizing Insight, users can gain access to information such as the top three most-searched cryptos, rankings of price growth over specific periods, and price trends of major cryptos.

In addition to these features, Bithumb offers insights into the trading behavior of the largest investors on the platform by showcasing the types and proportions of cryptocurrencies they purchased on the previous day. This functionality enables ordinary investors to gain a glimpse into the strategies employed by these influential players.

Bithumb provides indicators that identify cryptos experiencing upward momentum or reaching their lowest points. Users can also access other data, including Bitcoin dominance, which indicates Bitcoin’s market capitalization relative to the overall crypto market cap. Additionally, the service presents information regarding the volatility of recently listed cryptos and those that have been flagged by the exchange as potentially concerning.

Photo by Алекс Арцибашев on Unsplash

 

Desktop and Android first

The service is accessible today starting from 11:00 AM (Korea Standard Time) on desktop and Android. The iOS version is set to be released at a later time.

 

Recent struggles

The Korean crypto exchange’s move comes after Bithumb Korea, the exchange’s operator, has embarked on streamlining its businesses. Due to difficulties in generating profits, Bithumb Korea shut down its tech solution subsidiary Bithumb Systems, which was responsible for developing blockchain and exchange technology.

Prior to that, the Bithumb exchange had closed its research center due to a decline in trading volume, even though the facility had significant value in aiding investors to make more knowledgeable choices.

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