Cryptocurrency Dominates in South Korea Market, Surpasses Stock Market
- South Korea’s daily trading volume surpassed the combined activity of the nation’s major stock indices, KOSPI and KOSDAQ.
- The chairperson of the Financial Services Commission, Kim Byoung-hwan, is concerned about the economic value of such trading.
The market capitalization of cryptocurrency in South Korea has exceeded 100 trillion won or $74.8 billion. With these numbers, the daily transaction volumes of crypto have now surpassed the nation’s stock markets.
Due to this, everyone in the nation is concerned about excessive speculative trading, as a report suggests that crypto holds just 4% of the total market value. In 2024, the Bank of Korea released a report on payment and settlement systems.
As per the report, as of 2024 end, the overall value of digital assets held by the five prominent exchanges of the nation, i.e, Upbit, Bitthumb, Coinone, Korbit, and GOPAX, hovers at around 104.1 trillion won or $73 billion.
The excitement in the market increased after the victory of the said crypto-friendly leader, Donald Trump. Another reason influencing the surge was the approval of spot crypto ETFs in countries like the US and Hong Kong.
Introducing the European Union’s Markets in Crypto-Assets (MiCA) regulation also contributed to this surge. The market capitalization of the country doubled from October-end’s $40.7 billion to $70 billion in November.
Regulators Concerned Amid Surging Speculative Trading and Market Growth
During the same tenure, the trading activity also surged from $2.38 billion to $10.4 billion. In December, the daily trading volume reached $12 billion, and with this estimation, it surpassed the combined average daily trading volume of the two main stock markets of the company.
The combined average daily trading volume of the Korea Composite Stock Price Index (KOSPI) and the Korean Securities Dealers Automated Quotations (KOSDAQ) stood at only $10.7 billion.
The chairperson of the Financial Services Commission, Kim Byoung-hwan, is concerned about the economic value of such trading and asked, “There are doubts regarding what kind of positive impact virtual assets have on the real economy.
He further went on to add that “between the two markets, the money should be going to stocks.”
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Cryptocurrency Dominates in South Korea Market, Surpasses Stock Market
- South Korea’s daily trading volume surpassed the combined activity of the nation’s major stock indices, KOSPI and KOSDAQ.
- The chairperson of the Financial Services Commission, Kim Byoung-hwan, is concerned about the economic value of such trading.
The market capitalization of cryptocurrency in South Korea has exceeded 100 trillion won or $74.8 billion. With these numbers, the daily transaction volumes of crypto have now surpassed the nation’s stock markets.
Due to this, everyone in the nation is concerned about excessive speculative trading, as a report suggests that crypto holds just 4% of the total market value. In 2024, the Bank of Korea released a report on payment and settlement systems.
As per the report, as of 2024 end, the overall value of digital assets held by the five prominent exchanges of the nation, i.e, Upbit, Bitthumb, Coinone, Korbit, and GOPAX, hovers at around 104.1 trillion won or $73 billion.
The excitement in the market increased after the victory of the said crypto-friendly leader, Donald Trump. Another reason influencing the surge was the approval of spot crypto ETFs in countries like the US and Hong Kong.
Introducing the European Union’s Markets in Crypto-Assets (MiCA) regulation also contributed to this surge. The market capitalization of the country doubled from October-end’s $40.7 billion to $70 billion in November.
Regulators Concerned Amid Surging Speculative Trading and Market Growth
During the same tenure, the trading activity also surged from $2.38 billion to $10.4 billion. In December, the daily trading volume reached $12 billion, and with this estimation, it surpassed the combined average daily trading volume of the two main stock markets of the company.
The combined average daily trading volume of the Korea Composite Stock Price Index (KOSPI) and the Korean Securities Dealers Automated Quotations (KOSDAQ) stood at only $10.7 billion.
The chairperson of the Financial Services Commission, Kim Byoung-hwan, is concerned about the economic value of such trading and asked, “There are doubts regarding what kind of positive impact virtual assets have on the real economy.
He further went on to add that “between the two markets, the money should be going to stocks.”
Highlighted Crypto News Today:
CFTC-KuCoin Settlement Faces Delays Amid Policy Shift and Legal Challenges
Read More
Bithumb to Split in Two as Crypto Exchange Inches Toward South Korean IPO