South Korea Sees a Huge Crypto Craze (Survey)

South Korean jurisdiction has turned out to be a worldwide destination for investment in cryptocurrency in the previous years. An exclusive survey conducted on this subject has pointed out that 6 million cryptocurrency investors represent above ten percent of the cumulative population of the country. This has reestablished the financial sector along with denoting the supremacy of the centralized crypto exchanges in the country’s jurisdiction.

South Korean Community Increases Their Crypto Portfolios, Discloses a New Survey

The Korea Financial Intelligence Unit (KoFIU) conducted the respective survey. It revealed that the number of cryptocurrency investors within the jurisdiction of South Korea will expectedly reach nearly 6M in the initial half of the upcoming year. This will reportedly represent more than 10% of the cumulative population of the country.

Most of the respective investors chiefly carry out investment operations dealing with centralized exchanges. Crypto exchanges operating in South Korea have displayed resilience irrespective of a slump in the worldwide trading volume after March. In addition to this, the volatility in the market has also decreased to a great extent. Even then, the top crypto Bitcoin maintained a comparatively stable range.

Centralized Crypto Exchanges in South Korea Witness Show Significant Dominance

Bitcoin’s remained effective in maintaining a range between $27K and $28K in the recent 6 months. After a peak of almost $45B in February this year, the exchanges working in Korea went through a plunge. As a result of this, they dipped to $23B back in May. However, they rebounded to the figure of up to $37B in July, outpacing Binance.

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The respective exchanges have sustained their trading volumes near ten percent in comparison with Binance. Apart from that, they have even exceeded the numbers of Coinbase. This underscores their increasing impact on the international industry. Upbit is a dominant entity in the crypto market of the country. It recorded $36M as its peak trading volume in February 2023.