2024-01-03 22:37:00
Cryptocurrency Trading Volume in South Korea Surpasses US Dollar for the First Time
In a significant milestone for the cryptocurrency industry, the trading volume of the South Korean won surpassed that of the US dollar on a cryptocurrency exchange for the first time in November 2023. This change comes as traders from Asia, particularly South Korea, have been increasingly active in driving the local exchanges.
The total share of South Korean stock exchanges in the trading volume saw a significant increase to 12.9%, marking a major shift in the cryptocurrency market. However, it is worth noting that this figure later decreased to only 5.2%, indicating some level of volatility in the market.
The rise in the value of Bitcoin was particularly notable recently, as traders expressed confidence in the currency. However, on Wednesday, the value of Bitcoin fell once again due to the lack of confidence from the US Securities and Exchange Commission.
This series of events underscores the ongoing volatility in the cryptocurrency market, despite its recognition as a major investment industry worldwide. It remains unclear when the market will stabilize, but the growing interest from South Korea and other Asian traders continues to reshape the landscape of cryptocurrency trading.
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