South Korea's Bithumb has added Ethena (ENA) to its Korean Won market today, accompanied by a set of conditions and restrictions.
New Listing on Bithumb
According to Bithumb's official announcement, trading for Ethena will begin at 6:00 PM KST on February 25, 2025. Deposits and withdrawals will open within three hours of the notice, but only on the Ethereum network. Ethena will start at a price of 536 KRW, and traders will need to wait for 33 deposit confirmations before transactions are processed. For the first five minutes of trading, no buy orders can be placed, and sell orders will be limited to a range of -10% to +100% of the base price. Automated trading will only be available after the first transaction is completed.
Current Situation with Ethena
Last year, ENA was listed on another major South Korean exchange, Bybit, where it is traded against USDT. Listings on major exchanges often trigger a sharp price increase, but ENA only experienced a modest rebound, remaining down 7.5% over the past 24 hours.
Crypto Market and Forecasts
ENA's recent price moves mirrored a broader slump across the crypto market. Despite the recent downturn, analysts are optimistic about ENA's long-term potential. Trader Solid, with over 117k followers, noted that if ENA makes a higher low within the trading range of $0.3100 to $0.4136, it could likely surpass its all-time high of $1.52. Fellow trader AlejandroBTC also expressed optimism, noting that ENA looks like a good buy in its current accumulation range.
The next big move for ENA will likely depend on improved broader market conditions. At press time, ENA was trading at $0.3811 with a market cap of $1.18 billion.
