South Koreans Lead the Charge with the Highest Fiat Investments into Bitcoin, CryptoCompare Reveals

New research made by CryptoCompare has revealed a very interesting finding: the average Bitcoin (BTC) investors of South Korea have spent considerably more fiat cash in exchanges than people from other countries.

The crypto analytics company, which is based in London, has discovered that BitHumb, a local crypto exchange, has received $16 billion USD worth of fiat last month. Upbit, the main rival of the company in the country, had an influx of $7.5 billion USD during the same timeframe.

U. S.-based companies, however, such as Coinbase, Kraken and Gemini, only had injections of around $1 to $5 billion USD each.

It was also noted that these were very similar statistics to the ones from before the Bitcoin price boom which happened in 2017. The two main Korean exchanges were having a considerably higher volume than they saw in February and March this year, when volumes were dropping.

Curiously, despite the bullish sentiment which was starting to build up, Bithumb actually dropped a bit in volume in April.

Most of the exchanges which were really successful at this time were the ones registered in Malta such as Binance and OKEx. They represented the majority of trading volume at the time, followed by the ones registered in Hong Kong and South Korea. For instance, the volumes in Malta increased by 56% since February, while in South Korea and Hong Kong were increased between 20% and 50%.

Number of Account Registrations Rise

Another interesting aspect of the market is that it was reported that South Korean investors are also starting several new accounts. There were reports of employees from the NH Bank, which handles all banking for Bithumb, affirming that employees had to work overtime as many accounts were being created.

With the surge of the price of BTC, investors increased their participation in the industry, as they are eager not to lose a very profitable time in which they can dump cash in the market and see their money double in a short time period.

Mati Greenspan, who currently works as a senior market analyst at eToro, for instance, has affirmed that the trend of cryptocurrencies will continue to be strong in South Korea. P2P exchanges such as LocalBitcoins are having very high volumes this month, for instance. The wave of crypto investors seem to be growing a lot recently and Korea is among the most enthusiastic nations about it.

More USD Dumped Into Crypto Market Than KRW

Curiously, despite the fact that South Korea is dominating the market, 46% of the money entering the market is still USD. These exchanges also accept foreign currency, so the Korean Won (KRW) is not that much prevalent here.

In any case, it can be clearly seen how powerful the local Korean market actually is. Bitcoin continues to attract more and more investments from the U. S. markets, too, so the country will possibly become a very popular beacon for trading soon.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Gabriel Machado
Brazilian journalist who is interested in the future of the financial world. Has a special interest in the blockchain technology and the global financial markets. Covers economic and technology news with a focus on the fintech industry and has been writing about the cryptocurrency market since the start of 2017.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Despite Regulatory Uncertainty, Huobi Exchange Launches A Mobile Trading App for Russian Users

Huobi, one of the leading crypto exchanges, launches a mobile trading app for its Russian customers. The new mobile trading app would allow Russian...

Parity Technologies Releases Substrate 2.0 to Build Custom, Scalable Blockchains Interoperable with Polkadot

Substrate has achieved a major milestone; the blockchain framework has released version 2.0, which is also compatible with Polkadot, which, along with Kusama, is...

Bureau Of Fiscal Service Revisits Blockchain Technology Development To Streamline Grants

The Bureau of Fiscal Service, BFS, is focusing its energies on innovative technologies such as blockchain technology in a bid to enhance the government’s...

Lightning Network's Ready for the Next Step in its Evolution; Bitcoin Capacity Across Channels Hits Peak

The cumulative capacity across all channels on the layer 2 solution of bitcoin Lightning Network has hit an all-time high at 1,106 BTC, worth...

Bitcoin's Realized Cap Adds $43 Billion Since the 2017 Peak to Hit A New ATH; A 60% Increase

While the price of bitcoin is struggling around $10,000, although still holding strong to the key psychological level, Bitcoin realized its cap has hit...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today