A survey by the South Korean Financial Intelligence Unit (KoFIU) predicts that the number of cryptocurrency investors in South Korea will exceed 6 million in the second half of 2023. This staggering figure represents more than 10% of the country's population.
Central Stock Exchange Trading Volume Remains Strong in Korea Despite Global Trends
Notably, the majority of these investors are predominantly involved in activities centered around centralized exchanges, underlining the significant impact such platforms have on the Korean crypto landscape.
The survey derives its insights from data collected primarily from four major exchanges: Upbit, Bithumb, Coinone, and Korbit.
Declining Volume Trend: While centralized exchanges (CEX) globally have experienced an overall decline in trading volume since peaking in March this year, the Korean market is also following this general trend.
This period also witnessed a decline in market volatility, with Bitcoin maintaining a relatively stable price range between $27,000 and $28,000 from late March to late September, exhibiting limited fluctuations for six consecutive months.
Korean stock markets showed resistance to this contraction trend. After total transaction volume reached a peak of $45 billion in February, this figure decreased to $23 billion in May.
But later a positive trend emerged and trading volume increased to $37 billion in July. This marks a more significant increase compared to Binance, the world's largest cryptocurrency exchange.
It is stated that the number of people investing in cryptocurrencies in Turkey exceeds 10 million and this number is increasing due to the economic conditions.
*This is not investment advice.