Paycoin Shoots 25%, Key Reasons Behind The Rally

While the broader cryptocurrency market has staged a strong recovery, one altcoin that’s particularly standing out is Paycoin. The Paycoin (PCI) price has shot up by 25% today shooting all the way to $0.16. Despite gaining 87.5% over the past week, there are two key reasons behind Paycoin’s price surge today.

Bithumb Announces Paycoin Listing on KRW Market

Earlier today, crypto exchange Bithumb shared the specifics for the listing of the Paycoin cryptocurrency on its platform. The crypto will be available exclusively on the Won Market and will solely support the deposits made through the Paycoin network.

Deposits are set to commence on July 15, 2024, from 5:00 PM to 6:00 PM KST. However, the start of trading and withdrawals will be delayed due to an asset key change, and Bithumb plans to update users through subsequent notices regarding the revised schedule.

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The trading of the Paycoin cryptocurrency on the Bithumb exchange will begin with the initial base price of 166 won.  Bithumb is one of the most popular crypto trading platforms in South Korea. Thus, the initial listing of Paycoin on the exchange will provide massive liquidity to the cryptocurrency.

This development comes within a week of the crypto exchange Bithumb listing the Vitalik Buterin-backed Ethereum Layer-2 project TAIKO.

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The Paycoin project allows users to launch various products and services in real-life using digital assets. Merchants using Paycoin benefit from fast settlements and lower transaction fees compared to traditional payment services. The platform offers an end-to-end payment solution that directly connects users and merchants, utilizing blockchain-based smart contracts and virtual asset circulation structures.

Launched first in South Korea in 2019, the Paycoin payment platform has onboarded over 100,000 merchants including Domino’s, KFC, 7-Eleven, and other top players.

Also Read: Bithumb Delays IPO Citing It Not A Priority

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South Korea’s Tax Relief Provides A Catalyst

Another major catalyst to the Paycoin price rally today is the South Korean government considering delaying crypto tax implementation by three more years. With South Korea being one of the most actively traded crypto markets, this decision would usher strong liquidity into the market.

Thus, cryptocurrencies like Paycoin and others would significantly benefit from this development leading to more activity going ahead.

Also Read: Binance Plans Selling Its GOPAX Stakes To MegaZone

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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