In mid-March, the combined trading volumes of cryptocurrency exchange platforms located in South Korea was larger than the volume generated by the national stock exchange. The data used to make this calculation was derived from CoinMarketCap, and it highlights how far crpto trading has grown in recent years.
The four exchanges polled by CoinMarketCap reported an aggregate $14.6 billion in trading volume on Sunday, the last trading day of the week for digital currencies. The KRX main trading index, the KOSPI closed the trading week on Friday with a volume of $14.5 billion. It is safe to say that the prodigious Bitcoin bull rally, which catapulted the token above the $60,000 trading level, has a lot to do with this increased market activity and trading volume.
Located in Busan, the KRX stock market of South Kore is highly regarded by investors, many of whom praise it for its speedy rate of transaction execution and overall market capitalization. This market has flourished despite the fall of the South Korean won, the fiat currency, during the Global Financial crisis of 2008.
Even though South Korea is a relatively small market compared to others in terms of liquidity and the exchange market, this has not stopped cryptocurrency traders in the country from being among the most active in the world. South Korea is believed to be one of the friendliest jurisdictions for cryptocurrency circulation and trading; this is despite greater challenges and closer scrutiny by regulators. It certainly helps that Samsung, one of the most revered companies in South Korea, ships every new smartphone with a cryptocurrency wallet mobile app as well as various tools for digital payments.
With the South Korean won barely able to sustain its value against other major currencies such as the United States dollar and the euro, many residents of that country prefer to conduct transactions with cryptocurrency tokens because they can enjoy greater purchasing power. Something else that has contributed to token adoption among South Koreans is the fact that a great segment of the population has embraced personal computing technology such as smartphones, tablets, and wearable devices.