The variety of cryptocurrency buyers in South Korea surged to fifteen.59 million as of November, an increase of 610,000 from the earlier month, in accordance with knowledge from the Financial institution of Korea (BOK) launched at the moment (Wednesday). This determine represents roughly 30% of the nation’s inhabitants. Moreover, the full market worth of cryptocurrencies held by Korean buyers reached 102.6 trillion received.
Since July, the variety of buyers has elevated steadily, with a mean development of 100,000 per 30 days. Nevertheless, following Donald Trump’s presidential election victory, market optimism pushed Bitcoin costs to file highs, driving a notable spike in new buyers.
The information, shared by Rep. Lim Kwang-hyun of the Democratic Get together of Korea, is the primary time BOK has disclosed cryptocurrency investor statistics. The figures replicate these with accounts on the 5 main home exchanges: Upbit, Bithumb, Coinone, Korbit, and GOPAX. Nevertheless, some figures might embrace duplicates on account of people holding a number of accounts throughout platforms.
The information additionally exhibits a big enhance in cryptocurrency transactions, which now rival home inventory market volumes. In November, the every day transaction quantity of home cryptocurrencies averaged 14.9 trillion received ($10.2 billion), almost equaling the mixed quantity of the KOSPI at 9.9 trillion received and the Kosdaq at 6.9 trillion received.
South Korea 🇰🇷 sees a surge in cryptocurrency adoption!
🚀 Key Highlights:
Over 15.59 million crypto buyers—greater than 30% of the inhabitants (Financial institution of Korea).
Complete cryptocurrency holdings soared to 102.6 trillion received (~$70.8 billion) in November, up from 58 trillion received… pic.twitter.com/ZXLdCfyKEI
— Merchants Paradise (@theparadiselive) December 25, 2024
Korea’s Crypto Market Worth Hits 102.6 Trillion Received
The entire market worth of cryptocurrencies held by Korean buyers elevated by 76.9% from the earlier month. Moreover, funds ready to be invested, or deposits, totalled 8.8 trillion received throughout the identical interval.
“The dimensions of cryptocurrency transaction is rising so quickly that it now rivals the inventory market,” Lim mentioned. “At a pangovernmental degree, we have to take thorough measures to reinforce the soundness of the crypto market and set up sound buying and selling practices that defend buyers’ rights.”
