South Korean crypto investors have gone up, totalling above 15.59 million, according to a report by the Bank of Korea. This translates to about 30% of its population owning a digital asset on the country’s domestic crypto exchanges including Coinone, Korbit, Upbit, and Bithumb.
According to a detailed report by the Bank of Korea, the number of domestic crypto investors in November hit 610,000, bringing the total to 15.59 million.
South Korean investors carried out $79 billion worth of transactions
South Korean domestic crypto investors’ numbers were impressive last month, with the previous months seeing only 100,000 each. The number was 14.74 in July, before a steady 100,000 increase every month to register 14.98 million at the end of October. The rise in November was expected, coinciding with Bitcoin’s sharp rise from 100 million KRW to about 135 million KRW.
The increase in investors and Bitcoin prices also affected the total crypto holdings, boosting it to around 102 trillion KRW (approximately $79 billion). The figure is a huge leap from the 58 trillion KRW registered in October. In addition, unused deposits on exchanges totaled about 8.8 trillion KRW at the end of November.
Also, the average trading volume on domestic exchanges outpaced that of the Kospi and Kosdaq stock exchanges in November, registering 14.9 trillion KRW. However, in the months before, the trading volume was between 2 and 3 trillion KRW, with only October seeing 3.4 trillion KRW. Several lawmakers have commented on the sporadic growth of the assets in the country.
According to Democratic Party member Rep. Lim Gwang-Hyun, the level of the crypto industry is steadily increasing to match that of the stock market. Gwang-Hyun also doubles as a member of the National Assembly Planning and Finance Committee. He also mentioned that the government needs to do a lot to ensure that sound market practices are promoted in the crypto space. He noted that it will safeguard users and aid innovation in the market.
The post South Korean crypto investors hit 15 million, hold $79 billion in assets first appeared on Coinfea.
