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The increase in volume comes as Bitcoin’s price climbs to a new historic high of $ 61,000 on Saturday.
Trading volume on South Korea’s digital currency market quickly exceeded the average daily trading volume of the country’s stock market on Sunday.
According to data from CoinMarketCap, the 24-hour combined volume of major South Korean-based crypto exchanges such as UPbit, Bithumb, Coinone and Korbit was more than $ 14.6 billion on Sunday. On Friday, the same figures were about $ 14.5 billion on the Korea Comprehensive Stock Price Index – KOSPI and $ 10 billion on Korea’s Automatic Quotes – KOSDAQ.
It should be noted that the trading volume appearing on CoinMarketCap is not always believed to be accurate due to the prevalence of volume inflation. CoinMarketCap has introduced several initiatives to combat inflated volume data but the figures reported here are higher than those seen on Messari.
Several crypto exchanges in Korea have experienced regulatory and business challenges in the past year.
In August, the local authorities investigated Coinbit, the country’s third-largest cryptocurrency exchange, following allegations that 99% of the trading volume on the exchange was counterfeit via laundering. Data from CoinMarketCap shows that Coinbit’s 24-hour trading volume is just over $ 900 million.
Additionally, South Korean crypto exchange Binance said it will close in January, citing the tightening liquidity and low trading volume of BKRW trading pairs. Bithumb, the second largest exchange in the country by volume, announced last week that it will roll out new Anti-Money Laundering and KYC measures.
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