The word on the market buzz is that South Korean investments in the cryptocurrency market are surging. The average investment rate in South Korea is approximately six thousand dollars ($6,000).
The native interest in purchasing crypto has been surging and the local populace is spending huge sums of money to purchase crypto.
In the previous year, a survey report from a nonprofit making institute exposed that approximately seven and a half percent (7.4%) of the total 2,500 adults under consideration expressed that they had purchased cryptocurrency.
It is to be noted that the figure was one percent (1%) higher a year ago regardless of the obstacles the crypto market was facing on the native level due to unstable controls and hacking incidences.
Since then, the frequency of purchase of crypto has changed i.e. the current crypto owners were buying more of it than the past year. If one relates current purchases to that of 2017, the mean investment per individual rose up to sixty-four percent (64%) to about six thousand dollars ($6,000).
The survey report also illustrated that older investors were more interested in purchasing currency. By old, the report meant persons in their 50s. These older ones were followed by those having ages between 30 to 40 years.
A media house has recently reported that the cost of Bitcoin (BTC) has surged to approximately fifty-three hundred dollars ($5,300). In the initial days of April, the bull has come back to life and has stimulated the South Korean crypto market.
A phenomenon known as Kimchi Premium explains that the native exchangers pay a premium for Bitcoin in particularly on the transferred in US dollars.
BTCKRW: Korean premium is appearing again. Just like before the surge from 4k to 5k.$BTC #bitcoin $btcusd pic.twitter.com/m2n0lvxQn8
— CryptoHamster (@CryptoHamsterIO) April 10, 2019
In the meanwhile, troubles persevere for the participants of the market with closure of South Korean exchange house every week. In March, Bithumb – a South Korean crypto exchange has carried on coping with the effects of a hack pricing of eighteen million dollars ($18m).
While on the other hand, the parent organization of Bithumb has attracted investment worth two hundred million dollars ($200m) from a Japan-based supply company and has exposed its plans of expansion in Japan and the USA.
