South Koreans Actively Trading in the Bitcoin Bull Market

Asia Blockchain Review
June 12, 2019

From May 19th – 25th, 2019, South Korean investors in the Bitcoin market set a record trading volume of nearly 220 million won or US$186,000 of Bitcoin (BTC) on a local trading platform.

Rising Bitcoin Prices Boost Investment

According to crypto news portal Bitcoinist, the volume of Bitcoin traded by South Korean investors for the week ending May 25th hit a record US$186,000 on the Localbitcoins peer-to-peer trading platform.

Throughout May 2019, the volume of Bitcoin trading on Localbitcoins has been rising continuously, with more investors expressing interest in the cryptocurrency. Since the beginning of the month, the price of BTC has spiked more than 66 percent, ending a stagnant market that began in May 2018.

Crypto Investment on the Rise Among South Koreans

Data from Coinhills pointed out that the Korean won is the third fiat currency most utilized to buy Bitcoin in the world, accounting for 2.81 percent of all BTC trades.

Data firm Messari revealed that in South Korea, the number of investors in the cryptocurrency market in 2018 rose from 6.4 percent to 7.4 percent, according to research carried out in six major cities across the country with respondents between 25 and 64 years old.

The report also disclosed that South Koreans invested 64.2 percent more money over the last 12 months compared to the previous period, with the average retail investor spending approximately US$6,100, nearly double the average invested in 2018.

Source: bitcoinist.com


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