South Korean investors have recently cryptocurrency provides a very active participation in the market.
BloombergAccording to reports, this active participation in South Korean crypto exchange to Upbit and Upbit now accounts for more than 80% of South Korea’s trading volume.
Upbit, the largest cryptocurrency exchanges Binance and CoinbaseIt challenged with this success and became one of the top five crypto exchanges.
Bloomberg reports that the latest market reports indicate that the Korean Won, Bitcoin (BTC) and other digital assets, he wrote, showing that it has replaced the USD as the most used fiat currency for exchanging other digital assets.
“The heart of the crypto bull market sweeping the world no longer beats in Miami, Paris or the Middle East. They were replaced by South Korea.
The won has replaced the dollar as the most used currency for exchanging Bitcoin and other tokens.
At the center of this abundance is Upbit, a local exchange.
Upbit has helped Korea capture the lion’s share of the crypto market thanks to its wide range of listed altcoins and ease of access.
Upbit alone accounts for 80% of the total crypto trading volume in South Korea, demonstrating its massive dominance in the region. “This puts Upbit in great competition with global players like Coinbase.”
The news also noted that Upbit’s rise occurred despite the increasing regulatory pressure and measures in South Korea.
“All My Money Is In Cryptocurrencies Now!”
South Koreans, $40 billion TerraUSD Despite its collapse, instead of leaving the cryptocurrency market, he chose to be among the world’s most enthusiastic crypto investors.
Because Ho Chan Chung, marketing manager of analysis firm CryptoQuant, stated that all his money is now in crypto. “I had previously invested more in stocks but now I am completely in cryptocurrencies. The Korean stock market has stagnated and companies are not operating in the interests of shareholders. Since 2019, Kospi stock has returned nearly 21%, while Bitcoin is up 1,270%. That’s why cryptocurrencies attract more attention in Korea.” said.
*This is not investment advice.
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