An investigation revealed a growing fever among crypto traders in South Korea who are actively trading cryptocurrencies every day. Local media are returning to adopt the term “crypto fever” as the latest billion dollar numbers confirm such a trend.
The numbers are now higher than in 2018
According to the report from Dong-A, a major South Korean newspaper, domestic crypto investors made around $ 7 billion a day from January 1 to February 25, 2021.
Democratic Party MP Kim Byeong-wook compiled the numbers by extracting data from Bithumb, Upbit, Korbit and Coinone, the most famous local crypto exchanges.
According to the study, 42% of the average volume was traded on the KOSPI exchange. The newspaper noted that this is the first time investor statistics for the four major South Korean crypto exchanges have seen the light of day.
During the same period, the study found that users of the four exchanges traded around $ 395 billion. Such a number is well above the 2020 figure of $ 315.5 billion. Dong-A stated that South Koreans, ages 20 to 39, have recently committed thousands of dollars to crypto investments.
Tesla and Paypal are helping to spark interest in cryptos
The newspaper explained the reasons for the recent surge in transaction numbers in South Korea:
That investment spurt started to ignite as liquidity was secured and global corporations invested in cryptocurrency one by one. After PayPal, an online payment company, made bitcoin payments, Tesla also decided to accept bitcoin payments. Leading financial companies like Black Rock, the world’s largest wealth management company, have also announced investments in Bitcoin.
The study also cites statements by domestic private investors on this subject. One of them, 29 years old, sees cryptocurrencies as a better investment opportunity than trading stocks.
As news.Bitcoin.com recently reported, women aged 40 to 49 in South Korea have been actively buying Bitcoin (BTC) in the past few weeks. The report calls this trend the “second boom” of cryptocurrencies in South Korea, as the women surveyed were predominantly mothers.
What do you think of this South Korean study? Let us know in the comments below.
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