As the cryptocurrency space becomes more popular, the latest report shows that South Korea's cryptocurrency trading volume is on the rise, with older people taking advantage of the growing trend of cryptocurrency investment.
According to Korean media reports, the monthly trading volume of stablecoins on South Korea's top five centralized exchanges (Upbit, Bithumb, Coinone, Korbit, and GOPAX) is approximately 16.17 trillion won (as of November 2024). 11.5 billion). The current figure is a seven-fold increase from the 2 trillion won recorded earlier this year, and the monthly transaction value of stablecoins exceeded 10 trillion won for the first time. This amount includes trading popular stablecoins such as Tether (USDT) and USD Coin (USDC).
As of Monday, the 24-hour trading volume of South Korea's entire virtual asset market was 23 trillion won, accounting for 9.05% of the world's total trading volume of 262 trillion won. Analysts believe this surge in stablecoin trading is a result of a growing trend of Korean investors moving their assets overseas in search of potentially more favorable regulatory and financial terms.
Cryptocurrency investment grows among South Korean seniors
In particular, the number of virtual currency accounts held by Koreans over the age of 60 has increased significantly. On major platforms such as Upbit and Bithumb, this demographic now owns 775,700 accounts, reflecting a 30.4% increase from the end of 2021. These users collectively hold about 6.76 trillion won in crypto investments, with an average of 8.72 million won per person.
In particular, the increasing adoption of cryptocurrencies as assets is due to the decline in traditional bank deposits. The total demand deposit balance of South Korea's five major banks decreased to 592.67 trillion won, a decrease of 26.95 trillion won from June and the lowest level since January 2024. Analysts have suggested that expectations for rate cuts and the “Trump trade” effect are playing a role. It encouraged investors to shift away from traditional banks and into riskier assets like cryptocurrencies.
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