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### Market insight: Cryptocurrency in South Korea – Moralis Academy
The South Korean cryptocurrency market is one of the fastest-growing crypto communities in the world.In early 2021, less than two million peopel in South Korea owned crypto. By the end of the year,the number had climbed to 5.6 million crypto holders. In terms of percentage, this was more than 10% of the country’s 51 million residents.
[Source](https://academy.moralis.io/blog/market-insight-cryptocurrency-in-south-korea)
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### Over 30% of South Korea’s Population is Investing in Crypto
Additionally, data from Kaiko indicates that cryptocurrency trading volumes on South Korean exchanges soared in November, with the majority of activity concentrated on Upbit. Upbit’s market share skyrocketed from 43% to nearly 90% between September 2020 and May 2021,and it has maintained high levels as then.
[source](https://beincrypto.com/over-30-of-south-koreas-population-in-crypto/)
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### 15M Crypto Investors Drive south Korea’s Market Surge
South Korea’s crypto investors exceeded 15.59 million in November, up by 610,000 from October. … South Korea’s cryptocurrency market has experienced unprecedented growth in recent months. Total crypto holdings rose to 102.6 trillion won ($69.77 billion) in November, a leap from 58.6 trillion won ($39 billion) in July. …
[source](https://coinedition.com/south-koreas-cryp…e-deposit. Considering this, about 26 trillion won of funds have been left out of the bank for two months.
As early as next month, if the company’s virtual asset investment is allowed, it is expected that a large money move will appear once. Currently, banks that have partnered with the cryptocurrency exchange are K -Bank (Upbit), Nonghyup Bank (Bithumb), Kakao Bank (Coin One), and Shinhan Bank (Cobit).
Bithumb will join hands with Kookmin Bank next month. It is observed that if a corporate investment is in full swing, there will be important money moves between banks.
Park said, “As the inflow of funds into the virtual asset market has been confirmed, strict surveillance of the market’s unfair trade should be carried out.”
exchange deposits soared in Korea
Upbit 7.7, bithumb 2.5 順
Deposit deposit from interest rate cuts
Soaring Deposits and Market Dynamics
According to data submitted by the Financial Supervisory Service to Park Sang-hyuk and the Democratic Party’s lawmakers on the 10th,the average deposit in the five major cryptocurrencies in Korea—including Bithumb,Coin one,Cobit,and Gobax—reached 6.23 trillion won last year. This figure is particularly striking when compared to the average monthly deposits in traditional banking institutions.
The surge in cryptocurrency deposits began in earnest in October, coinciding with the bank of Korea reducing its base rate. Deposits in cryptocurrency exchanges soared from 4.6882 trillion won in October to 8.83 trillion won in November, nearly doubling in a single month.This rapid increase can be attributed to several factors,including the election of Donald Trump,who displayed pro-cryptocurrency behavior during the US presidential election.
The upward trajectory continued unabated,with deposits exceeding 10 trillion won in December and maintaining this level through January. By exchange, Bithumb led the pack with 2.51 trillion won, followed by Coin One with 238.3 billion won, Cobit with 131.1 billion won, and Gobax with 12.1 billion won.
Cryptocurrency Transactions Outpace Stock Markets
The growth in cryptocurrency transactions has been so significant that it now outpaces domestic stock market transactions. This year, the average daily trading volume in the KOSPI and KOSDAQ markets recorded 9.9 trillion won and 7.3 trillion won, respectively. In stark contrast,the trading value of the domestic cryptocurrency exchange reached 10 trillion won as of 4 pm on a typical day.
Key deposit Figures
| Exchange | Deposit (in trillion won) |
|——————-|————————–|
| Bithumb | 2.51 |
| Coin One | 0.2383 |
| Cobit | 0.1311 |
| Gobax | 0.0121 |
| Total | 6.23 |
Conclusion
The cryptocurrency market in Korea is experiencing a surge that is reshaping the investment landscape. As traditional financial instruments face challenges such as overvaluation and sluggish performance, cryptocurrencies are emerging as a viable alternative. The rapid growth in deposits and trading volumes underscores the increasing confidence and interest in this digital asset class.
For those looking to diversify their investment portfolios, the cryptocurrency market offers a high-potential, high-risk chance. As the market continues to evolve, staying informed and adapting to the dynamic nature of cryptocurrencies will be crucial for investors seeking to capitalize on this new frontier.
Stay tuned for more insights and updates on the ever-changing world of cryptocurrencies.
Explore more about cryptocurrency investments and learn how to get started today!
The Shifting Landscape of Investments: Cryptocurrency’s Growing Influence
In the ever-evolving world of finance, investor deposits are witnessing a significant shift. According to the Financial Investment association, investor deposits surged to 57.75 trillion won as of the 4th, marking an increase of over 3 trillion won from the end of last year (54.2427 billion won). However, this upward trend saw a sudden reversal, with deposits dropping to 54.67 trillion won within just six days, resulting in a loss of approximately 3.6 trillion won over three days.
Kim Min-seung, the head of the Cobit Research Centre, offered insights into this fluctuation. He noted,“As the appeal of high-interest rates and deposits wanes and the domestic stock market slows down,some funds are flowing into the cryptocurrency market.” This observation underscores the growing allure of cryptocurrencies amidst market uncertainties.
Cryptocurrency: The New Frontier for Banks
Banks are increasingly paying attention to the movement of funds into the cryptocurrency space. Kookmin Bank is set to provide real-name account services to Bithumb starting next month. The bank has already secured over 20,000 new accounts for Bithumb users, indicating a significant shift of more than 2 trillion won from Nonghyup Bank to Kookmin Bank.
The financial sector is abuzz with activity as cryptocurrency transactions become more mainstream.Hana Bank is reportedly exploring a buisness partnership for corporate accounts with Upbit, another major player in the cryptocurrency market.
Key Points Summary
| Aspect | Details |
|—————————–|————————————————————————-|
| investor Deposits | Surge to 57.75 trillion won, drop to 54.67 trillion won |
| Cause for Fluctuation | Weakening of high-interest rates and deposits, slowing stock market |
| Cryptocurrency Influence | Funds flowing into cryptocurrency market |
| Bank Activity | Kookmin Bank to provide real-name services to Bithumb |
| Potential Shift | Over 20,000 new accounts, over 2 trillion won shift from Nonghyup |
| Future Prospects | Hana Bank considering partnership with Upbit |
Conclusion
The financial landscape is witnessing a dynamic shift, with cryptocurrencies emerging as a significant player. As investor deposits fluctuate and banks adapt to the changing tides, the integration of cryptocurrencies into traditional banking services signals a new era in financial management. Stay informed and engaged with the latest trends to make informed investment decisions.
Call to Action
Ready to dive into the world of cryptocurrency? Explore bithumb and Upbit to stay ahead of the curve. Keep an eye on Kookmin Bank and Hana Bank for more updates on how traditional banking is evolving with cryptocurrencies.
This article provides a comprehensive overview of the current trends in investor deposits and the growing influence of cryptocurrencies in the financial sector. Stay tuned for more insights and analysis on the ever-changing world of finance.
