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Key Takeaways:
Over 30% of South Korea’s inhabitants, about 15.6 million folks, at the moment are investing in cryptocurrency. This marks vital progress.The whole crypto belongings of South Koreans have reached $79 billion. Every day buying and selling volumes match the home inventory market.The surge in crypto traders in November 2024 is linked to the U.S. presidential election outcomes.
The crypto market in South Korea is booming. Public curiosity is hovering. Investor numbers have skyrocketed. Asset values and buying and selling volumes have hit spectacular ranges. This text offers an in depth take a look at South Korea’s present crypto market. It explains why the market is booming and what challenges lie forward.
Crypto Traders Exceed 15 Million
The variety of cryptocurrency traders in South Korea reached 15.59 million. (knowledge from the Financial institution of Korea). That’s greater than 30% of the inhabitants.
Variety of crypto traders in South Korea (2024):
July: 14.74 millionAugust: 14.82 millionSeptember: 14.88 millionOctober: 14.98 millionNovember: 15.59 million
South Korea’s market. Supply: Yonhap Information
This sharp improve is seen throughout the 5 largest crypto exchanges in South Korea: Upbit, Bithumb, Coinone, Korbit, and GOPAX. This exhibits that cryptocurrency is changing into mainstream. It’s spreading past a small group of fans to the broader public.
Asset Values and Buying and selling Volumes Skyrocket
The rise in investor numbers is matched by a big improve within the worth of crypto belongings held by South Koreans. The whole worth of those belongings reached 102.6 trillion gained (about $79 billion) by November.
Every day buying and selling quantity:
Averaged 14.9 trillion gained. This surpasses the mixed volumes of the KOSPI and KOSDAQ inventory markets.Deposits into exchanges rose from 4.9 trillion gained in July to eight.8 trillion gained by the tip of November. This exhibits investor confidence available in the market.
The simultaneous rise in asset values and buying and selling volumes exhibits a extremely dynamic crypto market in South Korea.
Extra Information: Bitcoin Hits $100,000 – Units an All-Time Excessive Report
Elements Behind the Crypto Market Growth
A number of elements are driving the robust progress of South Korea’s cryptocurrency market:
New consumer safety legal guidelines: The Digital Asset Consumer Safety Act, efficient from July 2024, has elevated investor confidence. It mandates that exchanges should safeguard customers’ belongings.U.S. presidential election affect: The U.S. presidential election in November 2024, which Donald Trump gained, has raised hopes for extra crypto-friendly insurance policies within the U.S. This has spurred curiosity from South Korean traders.Bitcoin value rise: Bitcoin costs surged in November, from round 100 million KRW to over 135 million KRW. This has drawn extra folks into the market.
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