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- A recent analysis revealed a surging fever among crypto investors in South Korea
- Local media portals are going back to acknowledging the term crypto fever
- The native crypto traders transacted about $7 billion per day in the past two months
A recent analysis revealed a surging fever among crypto investors in South Korea, who enthusiastically trade cryptocurrencies every day. Local media portals are going back to acknowledging the term crypto fever as ‘billion-dollar figures’ current status verify such a trend.
The record-high figures surpassed the 2018 values.
As per the report by Dong-A, a South Korean print media, native crypto traders transacted about $7 billion per day in the past two months. The respective record stands valid in the timeframe beginning from January 1 till February 25, 2021.
A parliamentary member of the Democratic Party, Kim Byeong-wook, assembled the numbers by drawing out information from Bithumb, Coinone, Upbit, and Korbit, the primary local crypto exchanges of the region.
Per the research, 42% of the standard volume was exchanged on the KOSPI stock trading platform. The newspaper highlighted that this is the first time that traders’ figures of the four primary South Korean crypto trading platforms witness the light.
Within the same period, the research reflected that customers of the four exchanges indulged in transactions worth around $395 billion. Such a number lies significantly well above the 2020 value of $315.5 billion. Dong-A pointed out that South Koreans with the age of 20-39 are the ones who are prioritizing the allocation of thousands of dollars currently on crypto transactions.
Tesla & Paypal boosting the engagement with cryptos
The print portal pointed out the potential reasons behind the current surge of transaction numbers in South Korea. It suggested that this trading rush started to boost as liquidity had a substantial backup and global institutions began to invest in crypto assets one after another.
After Paypal, an online transaction firm, started accepting and allowing Bitcoin payments, Tesla also opted to embrace Bitcoin payments. Topmost financial institutions like Black Rock, the world’s leading asset management firm, recently announced a significant worth of BTC investments.
Besides, the study addresses native retail investors’ declarations in the respective context. One of the investors, aged 29, thinks that cryptocurrencies are a finer investment opportunity than stocks.
Earlier, The Coin Republic had reported that women aged 40-49 in South Korea are actively taking up investments in Bitcoin for the past few weeks. The report credits this surge as the second echo of cryptocurrencies in South Korea, as women regarded for the survey were mostly mothers.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
