The volume of transactions in the cryptocurrency market in South Korea briefly exceeded the daily average of the country’s stock market on Sunday.
According to data from CoinMarketCap, the daily volume of major cryptocurrencies in South Korea, UPbit, Bithumb, Coinone and Corbit on Sunday totaled more than $ 14.6 billion. On Friday, the same valuation was around $ 14.5 billion in the Korea Composite Stock Index, or KOSPI, and $ 10 billion in Auto Quoted Korean Stock Traders, or KOSDAQ.
The increase in volume came when the bitcoin (BTC) price rose to a new permanent high of more than $ 61,000 on Saturday before falling below $ 60,000 again.
It should be noted that the trading volumes shown on CoinMarketCap are not always considered accurate due to the prevalence of volume inflation. CoinMarketCap has introduced several measures to combat volume data inflation, but the numbers shown there are higher than seen in Messari.
Several cryptocurrencies in South Korea have faced certain regulatory and trade challenges over the past year.
In August, local authorities acquired Coinbit, the country’s third-largest cryptocurrency exchange, after allegations that 99% of the exchange’s transaction volume had been tampered with through money laundering. CoinMarketCap data shows that Coinbit’s 24-hour turnover is now just over $ 900 million.
Additionally, the Korean arm of the major cryptocurrency exchange Binance said it will close its doors in January, citing low liquidity and lower trading volume for BKRW trading pairs. Bithumb, the nation’s second largest exchange by volume, announced last week that it will introduce new anti-money laundering measures and will know your customers’ initiatives.