South Korea’s crypto market soared in the first half of 2024, with 7.8 million investors and daily trading volumes up 67% to $4.4 billion.
The Korean crypto market saw significant expansion in the first half of 2024, driven by surging Bitcoin (BTC) prices and growing investor interest. The number of crypto investors in South Korea increased to 7.8 million, up 21% from 6.45 million in the second half of 2023, South Korean daily Hankook Ilbo reports, citing data from the Financial Intelligence Unit of the Financial Services Commission.
Daily trading volumes also skyrocketed, climbing 67% to $4.4 billion, while market capitalization reached around $40 billion, an increase of 27%. This rise also appears to be fueled by Bitcoin’s recent rally, which saw prices surpass $73,000, reigniting interest in cryptocurrencies.
Demographically, male investors in their 30s make up the largest segment, totaling 1.58 million, followed by those in their 40s (1.5 million) and those under 30 (1.08 million). Male investors make up 68% of the overall market, the report said, adding that 67% of investors hold cryptocurrencies worth less than $375, while around 10% hold portfolios above $7,500. Only 1.3% have assets greater than $75,000.
In response to these market dynamics, South Korea plans to strengthen regulation by introducing measures to strengthen oversight of business activities. As crypto.news reported earlier, the government is considering regulations that would require companies engaged in cross-border crypto trading to register with authorities and report details of their monthly transactions to the Bank of Korea, the central bank of the country.
