The Bank of Korea revealed there were over 15.59 million domestic crypto asset investors by the end of November. This means more than 30% of South Korea’s population is investing in digital assets, particularly on the top 5 domestic exchanges Upbit, Bithumb, Coinone, Korbit, and GOPAX.
According to the Bank of Korea, domestic asset investors augmented by 610,000 in November, bringing the total to 15.59 million.
South Korea’s crypto investors drive market value to $79 billion
Although November saw the highest increase in crypto investors in the country, in the preceding months, the number of investors grew steadily by approximately 100,000 people per month. In July, there were about 14.74 million domestic asset investors before rising to 14.82 million in August, 14.88 million in September, and 14.98 million at the end of October.
The stark increase in investors in November, however, coincides with the impressive rise in Bitcoin prices which surged from around 100 million KRW at the end of October to over 135 million KRW by late November. Not to mention, the influx of domestic investors and Bitcoin prices in November, boosted the total crypto holdings, to 102.6 trillion KRW (approximately $79 billion), compared to 58 trillion KRW in October.
Moreover, deposits in exchanges not yet invested added up to 8.8 trillion Korean won at the end of November. The average daily trading volume of domestic virtual asset exchanges also surpassed combined trading volumes on South Korea’s Kospi and Kosdaq stock exchanges reaching 14.9 trillion won in November. In the preceding months, however, the average daily transaction volumes oscillated around 2 and 3 trillion KRW, with October recording only 3.4 trillion KRW.
Rep. Lim Gwang-hyun of the Democratic Party of Korea, a member of the National Assembly Planning and Finance Committee, commented on the growing virtual asset market saying: “The virtual asset transaction volume is rapidly increasing to a level comparable to that of the stock market.”
He added that the government needs to prepare on how to ensure sound market transactions to promote stability in the crypto space and safeguard the rights and interests of digital asset users.
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