Shockingly, the record shows that the cumulative market transactions in the crypto ecosystem in South Korea cutting across the four prominent cryptocurrency exchanges in the country on March 14 has passed the average daily transactions around the KOSDAQ and KOSPI combined.
Data Evidence of the Fall
Data from the CoinMarketCap shows that the daily transactions of the prominent cryptocurrency exchanges in South Korea have risen to a record amount of KRW 16 trillion, 6947 billion respectively in total, which is way beyond the amount of the transactions of both the Korean Securities Dealers Automated Quotations (KOSDAQ) and the Korean Composite Stock Price Index (KOSPI) in a day which was KRW 11,4126 billion and KRW 16,459 billion respectively.
A report of activities in the four prominent exchanges in South Korea around 3 AM on Saturday, 14th March shows an amount for transactions in each exchange. Coinone, KRW 594 billion, Kobit, KRW 46.9 billion, Upbit KRW 13,678 billion, and Bithumb KRW 2375.8 billion.
Reasons for the Recent Happenings in the Market
It is believed that the surge in the value of the transactions from these crypto exchanges is due to the corresponding surge in the price and market value of Bitcoin. For one of the crypto exchanges in the country, Bithumb, it was noted that the value had been rapidly increasing but eventually surpass KRW 70 million on Saturday, 14th March 2021.
Much more, many believed that it is the high level of demand in North America that caused a huge rise in price and the market value of BTC.
Also, the concerns around inflation are caused by the stimulus fund bill of about $1.9 trillion that Joe Biden, the United States President, signed recently. These also contributed to the rising demands in the BTC market as more people are deserting the traditional market for digital assets.
To validate that, an American cryptocurrency funds managing company headquartered in New York, Grayscale Investment LLC, has revealed on their Twitter page that their total crypto assets under management (AUM) have broken a new record high, having reached $44.1 billion.
Somehow, due to the prolonged nature of the domestic stock market, many investors now have their eyes on digital assets, and this has caused a drastic fall in the transactions around the stock exchange market, especially in South Korea, as reported by KOFIA – Korea Financial Investment Association.