South Korean investors have been actively participating in the cryptocurrency market lately.
This active participation is also reflected in South Korean crypto exchange Upbit, with Upbit now accounting for more than 80% of South Korea's trading volume, Bloomberg reported.
With this success, Upbit became one of the top five crypto exchanges, challenging the largest cryptocurrency exchanges, Binance and Coinbase.
Bloomberg wrote that recent market reports show that the Korean Won has replaced the USD as the most used fiat currency for exchanging Bitcoin (BTC) and other digital assets.
“The heart of the crypto bull market sweeping the world no longer beats in Miami, Paris or the Middle East. They have been replaced by South Korea.
The won has replaced the dollar as the most used currency for exchanging Bitcoin and other tokens.
At the center of this abundance is Upbit, a local exchange.
Upbit has helped Korea capture the lion's share of the crypto market thanks to its wide range of listed altcoins and ease of access.
Upbit alone accounts for 80% of the total crypto trading volume in South Korea, demonstrating its massive dominance in the region. “This puts Upbit in great competition with global players like Coinbase.”
The news also pointed out that Upbit's rise occurred despite the increasing regulatory pressure and measures in South Korea.
“All My Money Is In Cryptocurrencies Now!”
Despite the $40 billion TerraUSD collapse, South Koreans chose to be among the world's most enthusiastic crypto investors rather than exit the cryptocurrency market.
Because Ho Chan Chung, marketing manager of analysis firm CryptoQuant, stated that all his money is now in crypto and said, “I had invested more in stocks before, but now I am completely in cryptocurrencies. The Korean stock market has stagnated and companies do not operate for the benefit of shareholders. Since 2019, Kospi “While its stock has returned nearly 21%, Bitcoin has increased by 1,270%. That's why cryptocurrencies are attracting more attention in Korea.” said.
*This is not investment advice.
