As a seasoned researcher with a keen interest in the evolving world of finance and technology, I find myself intrigued by the dynamic landscape of South Korea’s crypto market. Having spent years studying and analyzing global financial trends, it is fascinating to see how this once niche market has grown exponentially within the span of a few short years.
A survey on Virtual Asset Business was conducted to find out how many individuals in South Korea are participating in cryptocurrency investments. The Financial Intelligence Unit disclosed this information, stating that the number of South Korean crypto investors has risen to approximately 7.8 million. This represents a significant 21% growth compared to the previous record set during the second half of 2023.
Over the past period, an influx of crypto investors has significantly boosted both the average trading volume and market capitalization. Specifically, these figures have grown by 67% to reach a total of $4.4 billion in trading volume, while market capitalization saw a rise of 27%, now standing at $40 billion. Moreover, the profits earned by 21 local virtual asset service providers have more than doubled.
Demographics and Trends in South Korea’s Crypto Market
As an analyst, I’ve uncovered some intriguing insights from our recent survey on cryptocurrency in South Korea. Interestingly, a vast majority of the country’s crypto investors – approximately 68% – are male. This demographic is further broken down into substantial segments: men in their 40s and 20s, with approximately 1.5 million and 1.08 million investors respectively, and around 850,000 men aged between 50-60 years old. These findings were reported by The Korea Times.
Among different age groups, the 30-year-old males were the most numerous group of investors, with approximately 1.58 million individuals. The 40-year-old men came in second place with around 1.5 million investors, followed by those under 20 and the 20-somethings (about 1.08 million) and lastly, the 50-year-olds (around 850,000). In terms of gender, males made up about 68% of the total number of investors, amounting to a figure of approximately 5.29 million.
Approximately 67% of investors own cryptocurrencies valued under $375, while only 10% hold assets exceeding $7,500 and a mere 1.3% manage portfolios worth more than $75,000. Remarkably, the ultra-high-net-worth investor group, defined as those with assets over $750,000, constitutes only about 0.03% of investors, or roughly 3,500 individuals.
There’s a growing optimism in the cryptocurrency market as the value of Bitcoin surpassed $72,000, reaching a bullish phase. The surge is also attributed to an influx of funds into US spot exchange-traded funds (ETF), along with supportive crypto policies discussions among U.S. presidential candidates. However, the Financial Intelligence Unit warns that the volatility in cryptocurrency prices has escalated compared to the latter half of 2023, urging investors to exercise caution when dealing with these digital assets. In their words:
The surge of investments into the U.S. Bitcoin spot ETF and policy statements by U.S. presidential candidates regarding virtual assets have contributed to a rise in digital currency prices…Due to heightened volatility in digital asset prices compared to the latter part of 2023, prudent investment choices are essential.
In a move aimed at increasing oversight, the government of this Eastern nation intends to strengthen its rules governing cryptocurrency transactions. The regulatory body in South Korea is currently developing legislation that requires any companies involved in cross-border crypto trading to register with them and submit monthly transaction reports to the Bank of Korea.
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2024-10-31 15:59