South Korea Sees Crypto Trading Volumes Surge

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South Korea Sees Crypto Trading Volumes Surge

Sun Nov 04, 2018 8:24 am

Lately, South Korea has witnessed surging crypto trading volumes with many pointing to the current turbulence in the crypto market. The year began quietly, and there was a significant contraction in trading volumes in the middle of the year.

However recent statistics reveal that there is a considerable increase in Korean Won (KWN) crypto trades.

Q4 Has Seen The KRW Crypto Trading Increase
A recent chart prepared by CryptoCompare shows that since the beginning of October 2018, crypto trading in South Korea has spiked. On certain days in October, the volume has accounted for more than 50 percent of the total crypto market share.

The recent trend is marked by the departure from what was becoming the norm since the beginning of the year. For the better part of the year, KRW crypto trading volume remained stagnant.

All this changed in the middle of the year when it contracted significantly. From June all the way to September, crypto trading volume in South Korea appeared to be shrinking.

A closer look reveals that the shrinkage in KRW crypto trading volume was caused by a series of hacks against crypto exchanges in the country. The month of June alone saw both Bithumb and Coinrail hacked and this led to the theft of millions in crypto coins.

In response to these hacks, the platforms suspended deposits and withdraw. It severely limited trading until the issues were resolved. As a result, it affected the local trading volume given that Bithumb is one of the largest crypto exchanges in the country.


https://usethebitcoin.com/south-korea-s ... mes-surge/

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