Seoul, South Korea – The number of cryptocurrency investors in South Korea has surpassed 15 million for the first time, according to data released by the Bank of Korea. This surge is attributed to the recent U.S. presidential election victory of Donald Trump, who has been dubbed the "crypto president" due to his pro-cryptocurrency stance.
As of the end of last month, approximately 15.59 million South Koreans held accounts on the nation's five largest cryptocurrency exchanges, including Upbit and Bithumb. This figure represents nearly a third of the country's population. However, experts believe the actual number of unique investors is likely lower due to individuals holding multiple accounts across different exchanges.
The number of investors saw a significant increase of 610,000 in November, compared to the previous month, marking the largest monthly growth in the second half of the year. This surge can be attributed to the rebound in investor sentiment following Trump's election victory, which led to a sharp rise in cryptocurrency prices.
Bitcoin, the largest cryptocurrency by market capitalization, experienced a significant price increase in November, surpassing the 100 million won mark. The continued optimism surrounding a second Trump term has further fueled the rally, with Bitcoin prices exceeding 150 million won earlier this month.
The daily average trading volume of cryptocurrencies in South Korea soared to 14.9 trillion won in November, a staggering 4.4-fold increase compared to the previous month. This figure surpasses the combined daily average trading volume of the Korea Composite Stock Price Index (KOSPI) and KOSDAQ.
Driven by the influx of new investors and rising prices, the total market value of cryptocurrencies held by South Korean investors reached 102.6 trillion won in November, nearly double the previous month's figure.
The rapid growth of the South Korean cryptocurrency market has raised concerns among regulators about potential risks such as market manipulation and money laundering. However, the government has been taking steps to promote the development of a sound regulatory framework for the industry.
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