South Korea’s cryptocurrency market soared in the first half of 2024, with 7.8 million investors and daily trading volume of $4.4 billion, an increase of 67%.
South Korea’s cryptocurrency market expanded significantly in the first half of 2024 due to soaring Bitcoin (BTC) prices and increased investor interest. The number of cryptocurrency investors in South Korea increased by 21% to 7.8 million from 6.45 million in the second half of 2023, Korean daily newspaper Korea Ilbo reported, citing data from the Financial Services Commission’s Financial Intelligence Department. Ta.
Daily trading volume also surged, increasing 67% to $4.4 billion, and market capitalization reached nearly $40 billion, reflecting a 27% increase. The rally also appears to be fueled by Bitcoin’s recent rally, which saw its price surpass $73,000 and reignited interest in the cryptocurrency.
In terms of demographics, male investors in their 30s accounted for the largest number of investors, at 1.58 million, followed by those in their 40s (1.5 million) and those under 30 (1.08 million). The report states that male investors account for 68% of the total market, with 67% of investors holding cryptocurrencies valued at less than $375, and approximately 10% maintaining a portfolio worth more than $7,500. he added. Only 1.3% own assets worth more than $75,000.
In response to these market trends, South Korea plans to introduce measures to tighten regulations and strengthen monitoring of trading activities. As previously reported by crypto.news, the government will require companies involved in cross-border cryptocurrency transactions to register with authorities and report monthly transaction details to South Korea’s central bank, the Bank of Korea. Regulations are being considered.
