Crypto News- In an official revelation, the Financial Services Commission (FSC) of South Korea has unveiled an impressive surge in the nation’s cryptocurrency market during the first half of 2023, leading to an extraordinary total market capitalization of $21.1 billion. Local media outlets have been quick to report on South Korea’s crypto market cap, which exhibited an astounding 46% increase when compared to the preceding six months.
The Crypto Market Cap of South Korea Almost Doubles in the First Half of 2023, Crossing the 21 Billion Dollars Mark
This remarkable ascent within South Korea’s crypto market harmonized with global trends, where the global crypto market cap also witnessed substantial growth during the same period. The worldwide market cap skyrocketed by a staggering 53% to reach an astonishing 154 trillion won. This growth was primarily fueled by Bitcoin, which experienced a robust 81% surge, reaching an impressive $30,441 as of June, compared to the end of the preceding year.
Alongside the surge in market capitalization, South Korea’s virtual marketplace operators had a reason to celebrate as well. They reported an impressive 82% increase in operating profits, totaling a significant $168 million in the first half of the year. Furthermore, deposits within these crypto exchanges surged by 11%, reaching an approximate sum of $3 billion.
The comprehensive report by the FSC, covering 35 virtual asset operators within the nation, including 26 crypto exchanges, unveiled some intriguing insights. Despite the overall growth in the crypto market, the average daily transaction value at these 26 exchanges experienced a marginal decline, showing a 1.3% decrease to $2.1 billion during the January-June period compared to the previous six months.
Notably, the number of individual and corporate crypto traders witnessed a decrease of 210,000, totaling 6.06 million by the end of June. Among individual traders, the majority belonged to the age group in their 30s, with over 67% holding virtual assets valued at less than 500,000 won.
As South Korea’s crypto market continues to expand and evolve, the nation is gearing up to implement new legislation in July next year. This forthcoming law is designed to safeguard the interests of crypto investors, granting authorities the ability to penalize unfair trading practices with potential sentences and fines. Acts of unfair trading encompassed by the law involve the use of undisclosed information, market price manipulation, and illegal transactions.
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