As a seasoned crypto investor with roots deeply entrenched in the dynamic digital asset market, I must say that the explosive growth of South Korea’s crypto market in the first half of 2024 has left me both exhilarated and cautiously optimistic. Having navigated through numerous market cycles and witnessed the ebb and flow of investor sentiment, I can confidently assert that this surge is more than just a passing fad.
2024 saw a significant surge in South Korea’s cryptocurrency sector during the first six months, attracting over 7.8 million investors and witnessing a 67% increase in daily trading volumes, which reached an impressive $4.4 billion.
2024 has witnessed a substantial growth spurt in Korea’s cryptocurrency market during the first six months, primarily fueled by escalating Bitcoin (BTC) values and heightened investor curiosity. According to South Korean daily newspaper Hankook Ilbo, relying on data from the Financial Intelligence Unit of the Financial Services Commission, the number of crypto investors in South Korea has swelled to 7.8 million, marking a 21% increase from 6.45 million in the second half of 2023.
Trading activity on a daily basis significantly increased, jumping by 67% to hit around $4.4 billion. The market value also rose about 27%, reaching roughly $40 billion. This growth seems to be driven, in part, by Bitcoin’s recent surge, where its price went beyond $73,000. This renewed interest in cryptocurrencies.
In terms of demographics, it’s found that the majority of investors are males in their 30s, amounting to about 1.58 million, with those in their 40s close behind at 1.5 million and those under 30 making up approximately 1.08 million. The report indicates that men account for 68% of the entire market. Furthermore, the report states that a significant portion, around 67%, of all investors hold cryptocurrency assets valued less than $375, while about 10% have portfolios worth more than $7,500. It’s also noteworthy that only a small percentage, roughly 1.3%, own assets surpassing $75,000 in value.
In reaction to current market trends, South Korea intends to strengthen its regulatory measures, implementing stricter monitoring of trading practices. Previously reported by crypto.news, the government is contemplating regulations that would necessitate cryptocurrency firms involved in international trades to register with the relevant authorities and submit their monthly transaction summaries to the Bank of Korea, South Korea’s central bank.
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2024-10-31 10:03