There is no doubt that IOTA (MIOTA) is one of the most popular cryptos in the market. Its attractiveness comes from the fact it is aimed at the IoT market, which is deemed by many as the next industrial revolution. IOTA (MIOTA) also uses DAG, a technology that is arguably way better than blockchain technology. With such a strong name in the market, it’s only natural that a fiat pairing for IOTA on one of the largest exchanges on the planet is likely to draw investor interest.
Upbit, South Korea’s largest exchange on the planet has announced that they are introducing IOTA/KRW pairings. This means that investors in South Korea can now buy IOTA (MIOTA) directly without having to buy bitcoin first, which usually adds to the cost of purchase. This is huge, and seems to have had an almost immediate impact on the value of IOTA (MIOTA). In the last few hours, IOTA (MIOTA) is up by about 3%. That’s a huge jump in price given that the rest of the market is deep in the red, with bitcoin (BTC) dropping below $7500. It’s an indicator that the market is taking this pairing seriously, and there is good reason to do so.
South Korea is one of the largest cryptos market in the world, and accounts for a significant proportion of global trading volumes. It is so significant that the markets dropped by a huge margin when South Korean exchanges were excluded from Coinmarketcap earlier in the year. In essence, in a bull market, their volumes alone would have a huge impact on the value of a crypto like IOTA (MIOTA) that is paired in the local Korean currency.
However, the biggest impact of this listing comes in the responsiveness of IOTA (MIOTA) to positive news. Now that investors in one of the world’s biggest crypto markets can buy in their local currency, any positive news coming from the IOTA (MIOTA) team will draw in more South Korean investors, and as a consequence, drive up the price faster.
The Upbit fiat pairing for IOTA (MIOTA) also enhances the image of IOTA. In the recent past, IOTA (MIOTA) has faced some issues including its wallet, and the fact that it has a central coordinator, that has no definite date for being removed. This has made IOTA (MIOTA) the subject of FUD, and cast doubt on its success. However, now that a crypto exchange at the scale of Upbit is listing it, chances are that its credibility in the market will rise, further pushing up the price.
Besides, such pairings are accelerating the decoupling of IOTA (MIOTA) from bitcoin. Like all altcoins, IOTA (MIOTA) is tied to the value of bitcoin. That’s because most altcoins are bought in BTC. Unfortunately usually means that any time bitcoin drops, the altcoins drop too. That’s why this listing is a positive step in the process of decoupling IOTA (MIOTA) from bitcoin. IOTA is a strong project and would be worth much more, if it weren’t tied to bitcoin.