During the past week, South Koreans exchanged almost 220 million won ($186,000) worth of Bitcoin on Localbitcoins (a P2P trading platform).
KRW now the 3rd Most-Used Fiat to Buy Bitcoin
Coin Dance data revealed that weekly Localbitcoins volume set a new record as over 217.5 million won ($183,500) worth of Bitcoin switched hands in the past week.
There was a steady increase in volumes on the platform throughout the month of May, perhaps expected given the price action throughout the period.
Since the 1st of May, the price of Bitcoin has surged upwards of 66%. Moreover, a trader with the handle ‘CryptoFibonacci’, has said that there is no major resistance until the mid $9000 range.
Meanwhile, Coinhills statistics revealed that in the whole world the Korean currency won is the third most-used fiat currency to buy BTC. It accounts for 2.81% of trades.
Bitcoin Investors in South Korea have risen up
A recent report by Messari (a data firm), revealed that throughout last year in South Korea, there was an increase in the number of investors getting committed to the crypto market from 6.4% to 7.4%. The study was conducted in six major cities in the country, targeting people between 25 and 64 years of age.
The more interesting part is that the report revealed that: during the past 12 months, people in South Korea tended to invest as much as 64.2% more. The average amount spent on cryptocurrencies by retail investors is about $6100. That’s about twice the amount spent by people back in 2018.
What led to this newfound interest in Bitcoin?
Of course, one of the most probable reasons for the increased interest in investing in BTC and other cryptocurrencies is the recent price increase.
However, in November 2018, South Korea approved Upbit (its very first crypto exchange), providing it with an ISMS license, essentially showing that regulators were already slowly heading in the right direction.