With the growing adoption of the crypto space, latest reports now suggest that South Korea’s cryptocurrency trading volume has been on a rise, with senior citizens taking advantage of the growing crypto investment trend.
According to Korean media reports, the monthly trading volume of stablecoins on South Korea’s top five centralized exchanges i.e., Upbit, Bithumb, Coinone, Korbit, and GOPAX, have reached approximately 16.17 trillion Won ($11.5 billion) in November 2024. The current figures represent a sevenfold increase from the 2 trillion Won recorded at the beginning of the year and mark the first time monthly stablecoin trading has surpassed 10 trillion Won. The volume includes transactions in popular stablecoins like Tether (USDT) and USD Coin (USDC).
As of Monday, the 24-hour trading volume across South Korea’s virtual asset market stood at 23 trillion Won, accounting for 9.05% of the global total trading volume of 262 trillion Won. Analysts attribute this surge in stablecoin trading to an increasing trend among South Korean investors transferring assets overseas, potentially seeking more favorable regulatory or financial conditions.
Growing Crypto investments Among South Korea’s Senior Citizens
Notably, the number of cryptocurrency accounts held by South Koreans aged 60 and above has increased remarkably. On major platforms like Upbit and Bithumb, this demographic now possesses 775,700 accounts, reflecting a 30.4% increase since the end of 2021. These users collectively possess around 6.76 trillion Won in crypto investments, averaging 8.72 million Won per person.
Notably, the growing adoption of crypto as assets is owing to the decline in traditional banking deposits. The balance of demand deposits across South Korea’s five major banks fell to 592.67 trillion Won, a decrease of 26.95 trillion Won since June, marking the lowest point since January 2024. Analysts suggest that expectations of interest rate cuts and the “Trump trade” effect have encouraged investors to shift from traditional banks to riskier assets like cryptocurrencies.
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