Crypto News – This week saw volumes on local exchanges surpass those in the local stock market, as rising bitcoin prices have reignited a frenzy of cryptocurrency trading in South Korea.
Bitcoin Rise Drives South Korean Crypto Trading Volumes, Pushing Crypto Exchange Ahead of Stock Market
Media outlets in the area stated that on Sunday, trading volumes on cryptocurrency exchanges based in South Korea reached a record 11.8 trillion won (KRW), or $9 billion, based on the current USD-KRW exchange rate. With a trading volume of 11.47 trillion won, or $8.7 billion, on Friday, they exceeded the South Korean stock market. According to market watchers in the area, Korean investors’ risk tolerance rose when the cryptocurrency market saw a comparatively larger volume.
Koreans favor high-risk, high-return investments because they experienced a rapidly growing economy. With the increasing wealth gap, more people are turning to such investments, with altcoins being the preferred choice over major assets like BTC or ETH.
Ki Young-Ju, founder of on-chain provider CryptoQuant
Tokens on High Volume on Korean Exchanges
Strong retail demand is indicated by the high volumes, even though Bitcoin, Ether, and other tokens trade at a greater markup on Korean exchanges than on their international counterparts.
The kimchi premium is at its highest since the Luna crash in May 2022. It is often seen as a sign of strong retail demand, as Korean investors are willing to pay a premium for Bitcoin. Upbit’s daily trading volume has remained high since March after reaching 60K. It further supports the evidence of retail inflow,
Bradley Park, head of research at CryptoQuant
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