South Korea’s 102 Trillion Won Crypto Market Engages 30% of Population

The number of cryptocurrency investors in South Korea surged
to 15.59 million as of November, a rise of 610,000 from the previous month,
according to data from the Bank of Korea (BOK) released today (Wednesday). This
figure represents approximately 30% of the country’s population. Additionally, the total market value of cryptocurrencies
held by Korean investors reached 102.6 trillion won.

Since July, the number of investors has increased steadily,
with an average growth of 100,000 per month. However, following Donald Trump’s
presidential election victory, market optimism pushed Bitcoin prices to record
highs, driving a notable spike in new investors.

BOK Releases First Crypto Investor Data

The data, shared by Rep. Lim Kwang-hyun of the Democratic
Party of Korea, is the first time BOK has disclosed cryptocurrency investor
statistics. The figures reflect those with accounts at the five major domestic
exchanges: Upbit, Bithumb, Coinone, Korbit, and GOPAX. However, some figures
may include duplicates due to individuals holding multiple accounts across
platforms.

The data also shows a significant increase in cryptocurrency
transactions, which now rival domestic stock market volumes. In November, the
daily transaction volume of domestic cryptocurrencies averaged 14.9 trillion
won ($10.2 billion), nearly equaling the combined volume of the KOSPI at 9.9
trillion won and the Kosdaq at 6.9 trillion won.

South Korea 🇰🇷 sees a surge in cryptocurrency adoption!🚀 Key Highlights:Over 15.59 million crypto investors—more than 30% of the population (Bank of Korea).Total cryptocurrency holdings soared to 102.6 trillion won (~$70.8 billion) in November, up from 58 trillion won… pic.twitter.com/ZXLdCfyKEI

— Traders Paradise (@theparadiselive) December 25, 2024

Korea’s Crypto Market Value Hits 102.6 Trillion Won

The total market value of cryptocurrencies held by Korean
investors increased by 76.9% from the previous month. Additionally, funds
waiting to be invested, or deposits, totalled 8.8 trillion won during the same
period.

“The scale of cryptocurrency transaction is growing so
rapidly that it now rivals the stock market,” Lim said. “At a
pangovernmental level, we need to take thorough measures to enhance the
stability of the crypto market and establish sound trading practices that
protect investors’ rights.”

This article was written by Tareq Sikder at www.financemagnates.com.