CryptoSouth Korea’s Crypto Market Soars as Investor Numbers and Trading Volumes Surge

South Korea’s Crypto Market Soars as Investor Numbers and Trading Volumes Surge

In the first half of 2024, South Korea’s cryptocurrency market experienced remarkable growth, with 7.8 million investors and daily trading volumes increasing by 67% to $4.4 billion.

This expansion, driven by a rally in Bitcoin prices and heightened investor interest, marks a 21% rise in the number of crypto investors from 6.45 million in late 2023, according to the Financial Intelligence Unit of the Financial Services Commission, as reported by Hankook Ilbo. Market capitalization reached approximately $40 billion, reflecting a 27% increase, bolstered by Bitcoin prices surpassing $73,000.

Demographically, male investors in their 30s represent the largest group, totaling 1.58 million, followed closely by those in their 40s at 1.5 million, and under-30s at 1.08 million. Notably, 68% of investors are male, with 67% holding crypto worth less than $375, while about 10% maintain portfolios over $7,500. A mere 1.3% possess assets exceeding $75,000.

In response to this market boom, South Korea plans to tighten regulations, introducing measures for enhanced oversight of trading activities. The government is considering requiring firms involved in cross-border crypto trading to register with authorities and report monthly transactions to the Bank of Korea, the nation’s central bank.

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Andrew
Andrew
Self-taught investor with over 5 years of financial trading experience Author of numerous articles for hedge funds with over $5 billion in cumulative AUM and Worked with several global financial institutions. After finding success using his financial acumen to build an investment portfolio, Andrew began writing and editing articles about the cryptocurrency space for sites such as chaincryptocoins.com, ensuring readers were kept up to date on hot topics such as Bitcoin and The latest news on digital currencies and Ethereum.

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