so crazy!
More than 10% of the population of China, a neighboring country, speculates in currency
AI token transaction share surges to 18.7%**
[North American Newspaper] South Korean traders’ interest in artificial intelligence (AI)-related digital assets has exploded, causing the country’s share of global AI token trading volume to surge from 0.6% in mid-2023 to 18.7% in May.
AI tokens are typically issued by early-stage projects that use blockchain technology for artificial intelligence services. Although the utility of this combination has not yet been fully proven, Koreans’ enthusiasm for AI and cryptocurrencies continues to grow.
According to data from the Korea Securities Depository, Nvidia and Microsoft are respectively the second and third most popular overseas stocks among Korean investors this year. Nvidia's chips are integral to AI computing, and Microsoft is a key supporter of OpenAI and its ChatGPT tool.
Since February, weekly trading volume for AI tokens has averaged $8 billion, a significant increase from $300 million in mid-2023. However, there are concerns about the sustainability of interest in AI crypto projects, given the crypto market’s history of booms and busts with coins related to meme coins or social trends.
South Korea has long been a significant player in the global crypto market. As of September 2023, the total number of foreign digital assets declared by South Korean citizens has exceeded $98 billion, making South Korea known as the "crypto country." This trend reflects global enthusiasm for AI and its potential applications in various fields, prompting investors to explore AI-related opportunities in the crypto space.
However, the top AI-based cryptocurrency tumbled after AI chip giant Nvidia reported better-than-expected first-quarter earnings.
. The Render token rose ahead of the earnings announcement, but the price subsequently fell by 3.79%. Render is known for its "most important" relationships with tech giants.
South Korean retail investors have flocked to local digital asset exchanges ahead of the global cryptocurrency boom.
According to a report by the Korea Financial Intelligence Unit (KOFIU), the number of active users registered on exchanges increased by 390,000 to 6.45 million by the end of 2023, accounting for more than 10% of the country's total population. 99% of them are "individual" investors, and nearly 60% are between 30 and 40 years old. Average daily cryptocurrency trading volume in South Korea increased by 24% to 3.6 trillion won (approximately $2.6 billion), and the total value of cryptocurrencies held by registered exchanges surged 53% to 43.6 trillion won.
In the first quarter of 2024, the won surpassed the US dollar to become the world's largest cryptocurrency by trading volume.
Upbit is South Korea's dominant exchange and ranks among the top five in the world by trading volume.
KOFIU said: "Trading volume, market capitalization, exchange operating income, and won deposits have all increased due to rising cryptocurrency prices and recovered investor sentiment. The number of crypto trading users has rebounded from the first half of 2023." Despite the ill-fated TerraUSD stablecoin created by Korean Do Kwon, South Korea's enthusiasm for cryptocurrencies continues to rise.
South Korean regulators will introduce the Virtual Asset User Protection Act from July, imposing strict new requirements on exchanges and harsher penalties for industry misconduct. #炒币 #AI板块强势进击 #BTC突破7万大关
