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Filecoin's FIL Spikes 30% as South Korean Exchange Upbit Lists the Token
Trading went live at 07:30 UTC.
What to know:
- Filecoin's FIL token spiked by 30% after South Korean exchange Upbit started listing FIL trading pairs.
- Tokens listed on South Korean exchanges often trade at a premium to prices on international exchanges.
Filecoin's FIL token spiked by 30% after South Korean exchange Upbit started listing FIL trading pairs.
The token rose to as high as $3.49 from $2.71 on Coinbase and was recently trading around $3.00. Daily trading volume increased by 68% to $303 million, according to CoinMarketCap.
STORY CONTINUES BELOW
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Upbit said in a tweet that the FIL/KRW trading pair went live at 07:30 UTC.
Tokens listed on South Korean exchanges often trade at a premium because strict financial controls in Korea means that it is difficult for capital to flow in and out of the country, leading to a lack of arbitrage opportunities.
Oliver Knight
Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.
