Bithumb, a prominent South Korean cryptocurrency exchange, has announced the addition of Ethena to its Korean Won market starting today.
The trading for Ethena (ENA) is scheduled to commence at 6:00 PM KST on Tuesday, Feb. 25, 2025, as per Bithumb’s official announcement. Deposits and withdrawals for ENA will be available on the Ethereum network within three hours of the notice. The initial price for Ethena is set at 536 krw, and traders will need to wait for 33 deposit confirmations before transactions can be processed.
In preparation for the launch, Bithumb has implemented certain temporary restrictions. Buyers will not be able to place orders in the first five minutes of trading, and sell orders will have a limit of -10% to +100% of the base price during this period. Automated trading will only be enabled after the first transaction is executed.
ENA previously secured a listing on another major South Korean crypto exchange, Bybit, on April 2, 2024, where it can be traded against USDT. Despite the expectations of a price surge following the Bithumb listing, ENA experienced only a modest rebound, recovering some losses from the previous day while still down 7.5% in the last 24 hours.
The overall crypto market saw a downturn recently due to a $1.4 billion Bybit hack and macroeconomic uncertainties, impacting ENA’s price movement. Nevertheless, analysts remain optimistic about ENA’s long-term prospects.
Notable traders in the crypto space have expressed positive sentiment towards ENA. Trader Solid highlighted the potential for a rally past ENA’s all-time high of $1.52 if the price establishes a higher low within the trading range. AlejandroBTC also identified ENA as a good buy opportunity within an accumulation range, drawing parallels to a previous 300% jump in price.
However, the future trajectory of ENA will likely depend on broader market conditions improving. Currently, ENA is trading at $0.3811, with a market cap of $1.18 billion.
As the crypto market continues to evolve, the addition of Ethena to Bithumb’s platform signifies a significant development for the cryptocurrency and its investors. Stay tuned for further updates on ENA’s performance in the coming days.