The cryptocurrency investment wave in South Korea has seen a significant milestone, with over 15 million residents now involved, which is about 30% of the population. This surge is attributed to the optimism surrounding US President-elect Donald Trump’s commitment to enhancing the crypto Market. According to the Bank of Korea, the number of retail crypto investors rose by 610,000 in just one month, driven by soaring crypto prices, especially Bitcoin, which now exceeds 135 million won. Additionally, daily trading volumes on crypto exchanges have outpaced those of the country’s main stock markets, highlighting a growing interest in digital currencies amidst traditional Market uncertainties.
Bithumb Sees Surge in Cryptocurrency Investors as Numbers Reach 15 Million
The cryptocurrency Market is booming in South Korea, as recent data reveals that the number of South Korean citizens investing in cryptocurrencies has crossed an impressive 15 million. This substantial figure represents about 30% of the country’s total population, showcasing the growing interest in digital currencies. The surge in investments follows positive expectations surrounding the cryptocurrency policies of US President-elect Donald J. Trump.
According to the Bank of Korea, retail cryptocurrency investors in South Korea totaled 15.59 million at the end of November. This marks an increase of 610,000 investors within just one month. This significant growth trend aligns with the recent spike in cryptocurrency prices, which surged after Trump’s election victory. As investors seek higher returns amidst fears stemming from traditional stock Market fluctuations, they are rapidly turning towards the volatile crypto Market.
Bitcoin, as the leading cryptocurrency, has seen its price rise dramatically. By the end of November, it hit 135.8 million won (approximately $92,740), a notable increase from 100 million won just a month prior. The value of South Korean holders’ digital asset investments has similarly skyrocketed, reaching 102.6 trillion won, up from 58 trillion won a month earlier.
In terms of trading activity, the daily average trading volume for cryptocurrencies in Korea jumped to 14.9 trillion won, nearly equaling the total daily trading volume of the Kospi and Kosdaq stock exchanges. This was a remarkable increase from around 3 trillion won over the previous months. Investors are clearly betting on a bright future for the digital currency Market, as the deposits in major Korean crypto exchanges also doubled to 8.8 trillion won by the end of November.
Despite the enthusiasm for cryptocurrencies, regulatory uncertainties and negative public perceptions continue to pose challenges for the Market in South Korea. Nevertheless, the country’s status as one of the world’s top five crypto markets remains secure, with major exchange platforms like Upbit leading the charge.
As the crypto Market evolves, it will be fascinating to see how these dynamics play out in the coming months.
Tags: Bithumb, cryptocurrency, South Korea, Bitcoin, digital currency, US President-elect Donald J. Trump, crypto investors, Upbit, Kospi, Kosdaq
FAQ About the Crypto Craze in Korea
What is driving the interest in cryptocurrency in Korea?
People in Korea are excited about cryptocurrency because of recent changes in the Market, especially with the news from former President Trump. Many see it as a chance to invest in something that could bring high returns.
Is it safe to invest in cryptocurrencies?
Investing in cryptocurrencies can be risky. Prices can change quickly, and it is important to do your research. Only invest what you can afford to lose, and consider talking to a financial advisor before starting.
How can I buy cryptocurrencies in Korea?
You can buy cryptocurrencies through several platforms or exchanges that are available in Korea. Most require you to set up an account, verify your identity, and connect a bank account or credit card.
What are the most popular cryptocurrencies among Koreans?
Bitcoin and Ethereum are the most popular cryptocurrencies in Korea. However, many also invest in other altcoins based on trends or new projects that catch their interest.
Is there a chance that regulations will change in Korea regarding crypto?
Yes, regulations around cryptocurrency can change. The Korean government keeps an eye on the Market to ensure safety and fairness. It’s good to stay updated on any news about regulations that might affect your investments.
