Report said that the volume of transactions in the South Korean digital currency market exceeded the daily average transaction amount of the country’s stock market on March 14 (Sunday).
It has been reported by data from CoinMarketCap that the combined 24-hour volume of major South Korea-based crypto exchanges Upbit, Bithumb, Coinone, and Korbit was more than $14.6 billion on Sunday.
However, on March 12 (Friday), the same metric was around $14.5 billion on the Korea Composite Stock Price Index (KOSPI) and $10 billion on the Korean Securities Dealers Automated Quotations (KOSDAQ).
The report said that the increase in volume came as the price of Bitcoin (BTC) rose to a new all-time high (ATH) of more than $61,000 Saturday before dipping under $60,000 again.
Crypto’s popularity worldwide continues to smash records. This time, local cryptocurrency exchanges in South Korea briefly had higher volume than their stock market. https://t.co/jeGPKIBrmy — Cointelegraph (@Cointelegraph) March 15, 2021
As per the sources, trade volumes appearing on CoinMarketCap are 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 what’s seen on Messari.
Thus, some crypto exchanges in South Korea have experienced their share of regulatory and business-related challenges in the last year.
Source: Cointelegraph | Image: Berger Paints | Currency