South Korea, A Global Bitcoin Investment Leader, Sets New LocalBitcoins Trading Volume Highs
Weekly LocalBitcoins Volume Update: South Korea Takes The Lead Reveals Coin Dance
Coin Dance, a team devoted to spreading accurate crypto market analytics, data and statistics, has recently reported weekly trading volumes found of crypto exchange, LocalBitcoins – with a breakdown on a country to country basis. While many countries are shown as having fluctuating trends, it seems like South Korea’s community is growing strong. The country’s involvement has definitely been positively trending as seen below:
As you can tell, South Korea seems to have been somewhat involved in the early 2015, with activity dropping soon after. It was not until December 2017 that South Korea seems to have held on tight. This isn’t surprising to see as the crypto giant, Bitcoin [BTC] saw its value reach its all-time high that very month.
The surge in trading volume only seems to go upward, with a high spike in May of this year. Again, it’s no surprise as many deem the month of May as the end of crypto winter and the beginning of spring.
Coin Telegraph dived into different statistics as well in their reporting, namely referencing crypto analytics firm, Coinhills. As per their reporting, the South Korean won is perceived as the ideal currency to trade against BTC. This comes from the fact that the Won is the “third largest national currency traded versus BTC, after USD and Japanese Yen.”
This is just one of many examples that show people are regaining faith in cryptocurrencies and it seems like in the case of South Korea, it never completely died off. Considering the fact that regulators have either been watchful or wary of its like in the country, this is quite impressive.
As BTC’s price continues to exponentially increase, it has been reported that a South Korean pan-governmental meeting has taken place. Yahoo Finance shared that the Minister of the Office for Government Policy Coordination, Noh Hyeong-ouk, and others have led the meeting in an attempt to discuss possible consequences to enforce with increasing, fraudulent activities.
In particular, the country plans to keep an eye out for existing cryptocurrency exchanges. Given the market continues to pick up, more strategies will be implemented in terms of protection, and action will be taken, “to minimize the ramifications on investors.”