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South Korea’s cryptocurrency market has reached a new milestone, with over 15 million investors engaging in digital assets by November. Official data highlights a significant surge in trading activity, driven by market enthusiasm following pro-crypto policy announcements by U.S. President-elect Donald Trump.
Crypto Adoption Surges to 30% of South Korea’s Population
According to data from the Bank of Korea, submitted to Rep. Lim Gwang-hyun of the Democratic Party, 15.59 million South Koreans now hold accounts on the nation’s top five cryptocurrency exchanges:
- Upbit
- Bithumb
- Coinone
- Korbit
- GOPAX
This marks an increase of 610,000 new investors compared to October’s 14.98 million. The report, prepared under the Virtual Asset User Protection Act enacted in July, reveals that 30% of South Korea’s 51.23 million population now actively engages with cryptocurrencies.
Crypto Market Valuation and Trading Activity See Record Highs
Market Valuation and Investor Holdings
- Total Market Valuation: Jumped from 58 trillion won (39.7B USD) in October to 102.6 trillion won (70.3B USD) in November.
- Average Holdings per Investor: Increased from 3.87 million won (2655 USD) to 6.58 million won (4777 USD).
Deposits in Crypto Exchanges
- October: 4.7 trillion won (3.2B USD)
- November: 8.8 trillion won (6.03B USD)
Daily Trading Volume
- November’s average daily trading volume reached 10.2 billion USD, surpassing the combined trading volumes of:
- KOSPI: 6.8 billion USD
- KOSDAQ: 4.7 billion USD
This represents a substantial increase from October’s 3.4 trillion won (2.3B USD) daily average.
Bitcoin Prices and Market Trends
The price of Bitcoin climbed from 105 million won at the end of October to 135.8 million won by the close of November. This sharp increase reflects the growing enthusiasm among investors, further solidifying South Korea’s position as a global hub for cryptocurrency trading.
Call for Regulatory Measures
The rapid expansion of South Korea’s crypto market has prompted calls for stronger government oversight.
Rep. Lim Gwang-hyun emphasized:
“The rapid growth of virtual asset trading necessitates government-level measures to ensure market stability and safeguard investors.”
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