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Trading volume on the Korean crypto market quickly surpassed the average daily trading volume of the domestic stock market on Sunday.
Specifically, according to statistics from CoinmarketCap, the total 24-hour trading volume of major Korean-based crypto exchanges such as UPbit, Bithumb, Coinone and Korbit were over $ 14.6 billion as of March 14.
Meanwhile, the Korea General Stock Price Index (KOSPI) reached about 14.5 billion USD and 10 billion USD on the Korean OTC market (KOSDAQ).
The increase in crypto trading volume in South Korea comes when Bitcoin price rise to an all-time high of more than $ 61,000.
However, it should be noted that the trading volume statistics on CoinMarketCap is not always accurate, there will be some error… due to the prevalence of inflation in volume.
Before the boom resumed, many crypto exchanges in South Korea experienced regulatory challenges, as well as a dismal performance last year.
In August 2020, South Korean crypto exchange Coinbit was detained and suspended by authorities to investigate its trading volume counterfeiting scandal. There are allegations that Coinbit faked 99% of the exchange’s trading volume.
Data from CoinMarketCap shows that Coinbit’s 24-hour trading volume is just over $ 900 million.
Additionally, in the December 24, 2020 announcement, Binance Korea (affiliate of Binance in Korea) have announced that they will close on the grounds that liquidity is too low and trading volume is very poor compared to other Binance affiliates in other countries.
Bithumb, the second largest exchange in the country by volume, announced last week that it will implement robust anti-money laundering and KYC measures.
If you do not have a Binance account, register here: https://CHK.com/go/binance
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