According to the statistical report from the Bank of Korea, the South Korean cryptocurrency market has seen significant growth in 2024, with over 15.5 million South Korean citizens holding cryptocurrency assets, accounting for about 30% of the national population. An additional 610,000 investors joined in November 2024, primarily due to the surge in Bitcoin after Trump's election victory, attracting many investors to enter the cryptocurrency market.
The report from the Bank of Korea indicates that the total value of cryptocurrency holdings reached 69 billion USD by the end of November, nearly doubling from 39 billion USD in October. The average amount held per person also increased from 2,655 USD in October to 4,400 USD in November. The average daily trading volume reached 10.2 billion USD, almost equivalent to the trading volume of South Korea's major stock market.
It is expected that after the impeachment and political dynamics in December, the trading volume of cryptocurrencies in South Korea may have surpassed that of the stock market. South Korean lawmaker Lim Kwang-hyun stated that the trading volume of cryptocurrencies is growing rapidly, necessitating stronger regulations at the government level to stabilize the market and protect user rights. However, in addition to rising prices, the skyrocketing demand for cryptocurrencies in South Korea is also driven by political turmoil and the depreciation of the Korean won.
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"MICA Daily｜Bank of Korea: Cryptocurrency Popularity Soars, Number of Investors Increased by 610,000 in November" was first published in (Block).
