Bitcoin Forum

watching closely on Saturday when the bitcoin price rose to an all time high of above $61k, data from coinmarketcap have shown that the 24 hours bitcoin/cryptocurrency trading volume in the south Korea region have exceeded the country daily transactions amount of the countries stock market. Despite the many challenges faced by cryptocurrency exchanges in south Korea. If you combine the volume of transactions on the top exchanges in south Korea e.g Upbit, Bithumb coinone etc you will arrived at a 24 hours trading volume of $14.6 billion while the south Korean stock index peg at $10 billion. Despite the fact that trading volume on coinmarketcap is not 100% accurate due to some exchanges having and recording fake trading volume. But seeing how bitcoin market capitalization reached $1 trillion twice this year I guess this is the point we can say no matter the ups and downs in the cryptocurrency market the level of adoption and usage has greatly increased.
You can read the news here:
https://cointelegraph.com/news/reported-volume-of-top-south-korean-crypto-exchanges-surpasses-that-of-the-country-s-stock-market?fbclid=IwAR0h4moIawQCbD5fMD9ZI8PJhl8_S-KH74OvdkrnVD5scauPJWm9aEHWj5s

South Korea is one of the biggest market that we have in cryptocurrencies.

They seem to be lowkey in terms of exchanges but if you're going to live there and get to know more about exchanges, they are contender for having good volume.

And if it has managed to surpass the volume of stock market. That only means that more and more South Koreans are now getting into crypto which only shows that adoption is increasing there.

Yep, no surprises here, South Korea is one of the top crypto traders together with Japan is Asia.

They have a lot of crypto exchanges as well so obviously, they are really into bitcoin trading way back. They have strict regulations though, but it doesn't mean that traders will simply stop. And with that, I agree that maybe South Koreans are moving out of the traditional markets, focus more on crypto because we are in the bull run, make sense for them to at least shift for now.

Those data from centralized can't be trusted somehow, it just a number provided by the respective exchange at all, they may provide less or more volume, I believe it is not that accurate somehow, some exchanges can manipulate those.

But the thing is it is good news that the trading volume of cryptocurrencies increases and surpassed the South Korean stock market, we still lot more room to grow especially on trading volume, I belive it will still increase in the next few months.

That could be a possibility but I think that South Korea is not the biggest adopter of cryptocurrency in East Asia, maybe Japan could be one but if we were to add Southeast Asia, Singapore topples everyone. As the cost of living in South Korean cities go up, I think that cryptocurrency adoption rates is going to increasing even further, AFAIK average living in Seoul is so expensive than those in the countryside.

The fact that centralization exchange is also doing fake trading volume could be the fact that crypto trading volume does not exceed the stock market volume in South Korea, because I read an article in 2019 that more than 90% that is displayed on CMC is fake.
https://www.forbes.com/sites/cbovaird/2019/03/22/95-of-reported-bitcoin-trading-volume-is-fake-says-bitwise/?sh=b3126c867175

while about adoption from 2020 until now shows good development, many large institutions are interested in crypto, especially BTC.
https://www.forbes.com/sites/benjaminpirus/2021/01/29/crypto-has-entered-its-fourth-stage-of-adoption-industry-exec-says/?sh=56b9c5cb2053

it is a way that South Korea aims to build an exchange that can attract a large number of investors. when the price was volatile on CoinMarketCap, the opportunity was taken over by the bitcoin pair at a ratio of 50:50. as for the most existing growth like Bithumb clearly offers a good alternative.

Apart from being the largest market for cryptocurrency exchanges, South Korea doesn't want to leave its long-standing stock market. both have given economic growth soaring and capitalists even though under the cryptocurrency market, there are still large investors who survive. The real estate market accounts for a minimum of under 75% of the index per year.

Crypto trading volume should surpass the stock market of many countries and not only Korea. If you look at the current history of over 1 trillion dollar, that is huge for an asset barely 10 years. Meanwhile 10 years of its existence witnessed a slow start out of fear and fund but the last 3 years and lately a year ago has witnessed tremendous inflow of both private and institutional investors. We can surely expect more to come soon as hodlers are strong not to drop interest.

A very big question I really have is that how much of this volume is actually fake and made up. Trust me even the biggest of exchanges have a lot of HFT trading done by their own bots. I have even felt this on some big exchanges like Kucoin. So I think atleast 40-50% of the volumes might me made up. Moreover comparing it with only 1 countries market and that also without levelling it down with their currencies Purchasing power parity seems unfair. Korea has Korean Won whose value is pretty less in terms of Purchasing power parity with major Developed Economies of West. While Cryptos might have more than 70% money of the West itself comparing this with just one country in the East makes no sense.

Yeah it's not really surprising I think crypto market will get close to stock market in future since there is a lot more potential left to be explored.

These comparisons are useless and meaningless in a rising market that has not witnessed a period of corrections for several months. Bitcoin is now valued at a higher price, so all inferences are incorrect.

The study was based on coinmarketcap trading volume, which is an inaccurate indicator due to the presence of a lot of fake trading volumes, not to mention that they did not try to make a comparison between CMC data and other sites.

Finally, the market capacity in the cryptocurrency market is nothing it is numbers that do not express the amount of real demand.

Here is a headline from 2018 about South Korea's younger generation: Survey: Younger Koreans More Likely to Invest in Crypto (https://www.coindesk.com/survey-younger-koreans-more-likely-to-invest-in-crypto)

I can't find the exact article but it is similar to this one and it all pointed out that when it comes to investing the younger generation from their country are more inclined to investing in cryptocurrencies rather than the stock market as they have a bigger risk appetite and they see that they can maximize their earnings on cryptocurrencies rather than the stocks combined that South Korea being a one of the most crypto-friedly countries in the world you will see that crypto as an asset will be more popular than assets such as stocks. This is something to be happy about that at least 1 country has gotten it right when it comes to having value for their money.

That sounds good to hear. I'm very impressed with how well crypto has grown over the last couple of years with steady growing interests. We have always known that crypto will get to a  point where it can compete globally with a host of other markets like stocks and forex. We aren't there yet but we're getting matured gradually. Similar to south Korea, one other country where I've seen a high influx of millennials getting involved in cryptocurrencies is my country, Nigeria. From P2P to trading spots, futures etc. Its a reminder that crypto would be the future of money and finances.

And it's not a surprise for me at least. BTC is 60k and its trading volume surpassed the south Korean stock market. What happen if it reaches 100k, may be one day its trading volume surpassed the NASDAQ.  ::)

IMO one of the main reasons is that younger people like to take more risks to get higher profits. Not to mention how lifestyle and part-time job culture in South Korea are quite high, so people can get money relatively quickly and spend it on anything that they wanted (at least that's what I get from the analysis on South Korean culture). In addition to that, the barrier to enter the crypto market is quite low, compared to other investment markets like real estate, stocks, etc.

Maybe bitcoin will be the number one market that will have so many traders moving into the crypto market because they see the chance to make a profit will be bigger from the crypto market. That can boost bitcoin to be known in all countries and most people will try to have bitcoin in many ways. We are so lucky to know bitcoin before this year, and although we do not have many bitcoins, at least we can take part in the bitcoin popularity and make a profit too.

The best part about this is you can give most of the credit to their own citizens as the government didn't really do anything aside from letting the crypto industry be legal in their country, the South Korean government didn't really do some kind of promotion but just legalization of businesses related to crypto and that's it. The citizens of Korea are the ones who figured out that Bitcoin and other cryptocurrencies has more room to grow as compared to other assets. Only if other countries gave these kind of friendly laws for the crypto industry I think other nationalities would be more open to a riskier alternative from the stock market.

maybe, this is just to get the glimpse of what is happening in their crypto market. you cant really trust those numbers as probably most of them are just manipulated. however, it shows that their crypto market is very active whether it is just a superficial one. this will attract more crypto users on the other hand.
later on, these new users will be acquainted on whats really going on in the crypto trading market. i hope they will be more objective about it and not disappointed.

Yeah, you are perfectly right here, stock markets, real estate, Gold dealers had been normalised to be used and participated by the richest investors likewise the political leaders, bitcoin trading is open to all that's why the trading volume surpassed the South Korean stock market.. absolutely, Asian have more domination in crypto space than any continent.

Altering or not but still those numbers wont really be that far off with the actual number on where Korean stock market does have.It is really just showing off that on how cryptocurrency become big as of this moment where it did really break off those records and will continue to do so as we do progress on or as the years would pass as long the demand and adoption/recognition would really still continue.

This wont really be just breaking Korean stock market but on other markets as well which we do really have high chance on seeing those events which does signify that we are really
moving ahead.

Koreans are into cryptocurrency and this is a great numbers to appreciate for though our goal is not to over take stocks market, but of course to give financial access to those who don’t have yet because of a strict requirements of banks and the brokers. Asian countries should be the best place for cryptocurrency, I hope no more restrictions in India because that can also be a huge market for us.

When it comes to surveying result, it somehow we are doubted about it. Well, of course, as expected the result isn't 100% accurate but either is close to reality or not but then it gives us some overview of what is happening in South Korea and in crypto. And with that figure, we can say that crypto adoption is growing, trading is also growing, and that be said that the majority of the traders had lost will be wrong.

That's more than enough for many places. South Korea is not a third world nation, they are quite strong in economy compared to many other nations, they have global products that people use all around the world, they are probably second most known mobile phone company in the world as well (samsung) and basically all around a good nation, if some small tiny african nation supported it that may not be a big deal, but when south korea allows it, that is a good news.

Look at USA, they allowed it, but each state had a different tone for it, for example New York "allowed" it but in reality they started to just make it incredibly difficult, so there are few in there while many in other states, long story short we are talking about something that could actually make a big difference depending on how you allow it and where you allow it, which would help it grow a lot.