Secret Takeaways:
- Over 30% of South Korea’s population, about 15.6 million individuals, are now buying cryptocurrency. This marks substantial development.
- The overall crypto properties of South Koreans have actually reached $79 billion. Everyday trading volumes match the domestic stock exchange.
- The rise in crypto financiers in November 2024 is connected to the U.S. governmental election outcomes.
The crypto market in South Korea is growing. Public interest is skyrocketing. Financier numbers have actually escalated. Possession worths and trading volumes have actually struck remarkable levels. This post provides an in-depth take a look at South Korea’s existing crypto market. It discusses why the marketplace is growing and what difficulties lie ahead.
Crypto Investors Exceed 15 Million
The variety of cryptocurrency financiers in South Korea reached 15.59 million. (information from the Bank of Korea). That’s more than 30% of the population.
Variety of crypto financiers in South Korea (2024 ):
- July: 14.74 million
- August: 14.82 million
- September: 14.88 million
- October: 14.98 million
- November: 15.59 million
South Korea’s market. Source: Yonhap News
This sharp boost is seen throughout the 5 biggest crypto exchanges in South Korea: Upbit, Bithumb, Coinone, Korbit, and GOPAX. This reveals that cryptocurrency is ending up being mainstream. It is spreading out beyond a little group of lovers to the larger public.
Property Values and Trading Volumes Skyrocket
The increase in financier numbers is matched by a substantial boost in the worth of crypto properties held by South Koreans. The overall worth of these properties reached 102.6 trillion won (about $79 billion) by November.
Everyday trading volume:
- Averaged 14.9 trillion won. This goes beyond the combined volumes of the KOSPI and KOSDAQ stock exchange.
- Deposits into exchanges increased from 4.9 trillion won in July to 8.8 trillion won by the end of November. This reveals financier self-confidence in the market.
The synchronised increase in possession worths and trading volumes reveals an extremely vibrant crypto market in South Korea.
More News: Bitcoin Hits $100,000– Sets an All-Time High Record
Elements Behind the Crypto Market Boom
Numerous aspects are driving the strong development of South Korea’s cryptocurrency market:
- New user security laws: The Virtual Asset User Protection Act, efficient from July 2024, has actually increased financier self-confidence. It mandates that exchanges need to protect users’ possessions.
- U.S. governmental election effect: The U.S. governmental election in November 2024, which Donald Trump won, has actually raised expect more crypto-friendly policies in the U.S. This has actually stimulated interest from South Korean financiers.
- Bitcoin cost increase: Bitcoin costs rose in November, from around 100 million KRW to over 135 million KRW. This has actually drawn more individuals into the marketplace.
