The crypto market in South Korea sees 15.59 million investors, with a record surge in Bitcoin price and trading volumes in November.
By the end of November, South Korea saw a huge rise in cryptocurrency investors. According to the Bank of Korea, some 15.59 million people in the country were involved in virtual assets. In fact, this is more than 30% of the total population. Investors in these funds held assets worth US$79 billion in total. Cryptocurrencies are now trading at near domestic stock market levels.
The optimism over U.S. presidential election drove growth in investors. The hope that President elect Donald Trump would support the virtual asset industry lured many new investors in. That excitement about what he was promising got a lot of people into the market. A lot of people got into the market because of the excitement over his promises.
In the crypto market of South Korea, investors have been growing in number. At the end of October last year 14.98 million people invested in cryptocurrencies. The number of investors grew by 610,000 to 15.59 million in November. This achievement is because of increasing interest in the crypto market.
Bitcoin Price Surge Drives Record Crypto Market Growth in South Korea
The price of Bitcoin is also increasing investors in the market. Just the price of one Bitcoin surged from 105 million won at the end of October to 135.8 million won by the end of November. The price jump had actually attracted more people to the market.
By the end of November, South Korean investors held a total 102.6 trillion won in virtual assets. This is a massive jump from 58 trillion won at the end of October. Investors also held more virtual assets than previously, on average. From 3.87 million won October to 6.58 million won in November, it rose.
Also, deposits, or funds sitting there waiting for an investment, also grew. According to the table, by the end of November, 8.8 trillion won was deposited in exchanges compared to only 4.7 trillion won in October. This proves that investors are keeping more funds for the future investment.
On the other hand, trading volumes have also risen significantly in South Korea. The average daily trading volume was 14.9 trillion won in November. The trading volume is higher than the daily trading volume of the combined KOSPI and KOSDAQ stock markets. Now, lawmakers are demanding that the government do something. And they also want the market to be stable and safe for investors.
