Home>EXCHANGES>Bitcoin Bull Market Sees South Korea Set Fresh Localbitcoins Trading Record
EXCHANGES

Bitcoin Bull Market Sees South Korea Set Fresh Localbitcoins Trading Record



South Koreans exchanged almost 220 million won ($186,000) worth of Bitcoin on P2P trading platform Localbitcoins the week ending May 25.


KRW Third Most-Used Fiat to Buy Bitcoin

According to data from Coin Dance, weekly Localbitcoins volume set a new record as more than 217.5 million won ($183,500) worth of Bitcoin switched hands in the seven days to last Saturday.

Volumes on the platform had steadily increased throughout the month of May, perhaps somewhat expectedly given the price action throughout the period.

Since May 1, Bitcoin price has surged upwards of 66 percent, a price point we haven’t seen since early May 2018. Moreover, according to a trader who goes by the handle ‘CryptoFibonacci’, there is no major resistance until the mid $9000 range.

Meanwhile, statistics from Coinhills reveals that the Korean won is the third most-used fiat currency to buy BTC in the entire world. It accounts for 2.81 percent of trades.

Bitcoin Investors in South Korea Wake Up

According to a recent report cited by data firm Messari, the number of investors committing to the cryptocurrency market throughout last year has increased from 6.4 percent to 7.4 percent in South Korea.

The above study was conducted in six major cities in the country, with a target audience between 25 and 64 years of age.

What’s more interesting, however, is that, according to the report, people in South Korea have tended to invest as much as 64.2 percent more during the last 12 months. The average amount spent on cryptocurrencies by retail investors is about $6100. That’s almost twice what people spent back in 2018.

What’s Causing the Newfound Bitcoin Interest?

Of course, one of the most likely reasons for the spike in interest in investing in BTC and other cryptocurrencies is the recent increase in their price.

However, as Bitcoinist reported back in November 2018, South Korea approved its very first cryptocurrency exchange Upbit, providing it with an ISMS license, essentially showing that regulators were already slowly heading in the right direction.


What do you think of the recent surge in P2P trading for KRW? Don’t hesitate to let us know in the comments below!


Images courtesy of Shutterstock; Coin.Dance. 

The post Bitcoin Bull Market Sees South Korea Set Fresh Localbitcoins Trading Record appeared first on Bitcoinist.com.

 

source: https://bitcoinist.com/bitcoin-bull-market-sees-south-korea-set-fresh-localbitcoins-trading-record/

TheBitcoinNews.com is here for you 24/7 to keep you informed on everything crypto. Like what we do? Tip us some Satoshi with the exciting new Lightning Network Tippin.me tool!

Post source: Bitcoin Bull Market Sees South Korea Set Fresh Localbitcoins Trading Record

More Bitcoin News and Cryptocurrency News on TheBitcoinNews.com



  • Bitcoin
  • Ethereum
  • Bitcoin cash
  • Litecoin
  • Cardano
  • Dash
  • Stellar
  • Ethereum classic
  • Lisk
  • Tron
  • Neo
  • Qtum
  • Omisego
  • Binance coin
  • Zcash
Scan to Donate Bitcoin to 1J6PGL1oemFb3hxabLygq4WgWx8cbfji1r

Please help us if you can with some Bitcoin

Scan the QR code or copy the address below into your wallet to send some Bitcoin

Scan to Donate Ethereum to 0xA8E701dd11280a98e8F2e0A14064AC829E32D50F

Please help us if you can with some Ethereum

Scan the QR code or copy the address below into your wallet to send some Ethereum

Scan to Donate Bitcoin cash to qrth4e0g93h3gpxex8ycwuxtsa332tha5qvkmlz0g5

Please help us if you can with some Bitcoin cash

Scan the QR code or copy the address below into your wallet to send some Bitcoin cash

Scan to Donate Litecoin to LTxxjySMDtERJhHYJ99UFW9AamAWTwCAZ4

Please help us if you can with some Litecoin

Scan the QR code or copy the address below into your wallet to send some Litecoin

Scan to Donate Cardano to DdzFFzCqrhsopoZLhbouUwh2NvvWMPeFrXQW9vNNpPKrjKbRGyLRN5joJgCeZ6e1MRHtPHeLffpkNpQs5AdDA8qFCZ4gA9bYtaerNQTk

Please help us if you can with some Cardano

Scan the QR code or copy the address below into your wallet to send some Cardano

Scan to Donate Dash to XmAdEHrwiVZJVkAxe8hK5U6HZB59L5yhmK

Please help us if you can with some Dash

Scan the QR code or copy the address below into your wallet to send some Dash

Scan to Donate Stellar to GD4KROE42HPOMT7BT6M27HHLFCOSIXPYY2V3WSCX5FYEWRJDIJQ4RWFT

Please help us if you can with some Stellar

Scan the QR code or copy the address below into your wallet to send some Stellar

Scan to Donate Ethereum classic to 0x5BF3fCAC8deA20CF21C9D0D9d058E00EEfc431Ae

Please help us if you can with some Ethereum classic

Scan the QR code or copy the address below into your wallet to send some Ethereum classic

Scan to Donate Lisk to 15642042552518336132L

Please help us if you can with some Lisk

Scan the QR code or copy the address below into your wallet to send some Lisk

Scan to Donate Tron to TYnAenRiV6BsTiE6FVyAcDDxZtBKUQTFxN

Please help us if you can with some Tron

Scan the QR code or copy the address below into your wallet to send some Tron

Scan to Donate Neo to ATiXRHVqYqrNktbxJfcDETfnrSUWSG4cPb

Please help us if you can with some Neo

Scan the QR code or copy the address below into your wallet to send some Neo

Scan to Donate Qtum to QUYXxY6kX7TY2HSLwVYMwFaJNZLwvX5uyp

Please help us if you can with some Qtum

Scan the QR code or copy the address below into your wallet to send some Qtum

Scan to Donate Omisego to 0xA8E701dd11280a98e8F2e0A14064AC829E32D50F

Please help us if you can with some Omisego

Scan the QR code or copy the address below into your wallet to send some Omisego

Scan to Donate Binance coin to 0xA8E701dd11280a98e8F2e0A14064AC829E32D50F

Please help us if you can with some Binance coin

Scan the QR code or copy the address below into your wallet to send some Binance coin

Scan to Donate Zcash to t1cBCyKgSSqWaNrkpvQZUSTuxMmAbbAyFpZ

Please help us if you can with some Zcash

Scan the QR code or copy the address below into your wallet to send some Zcash



Source link

Review Overview

Summary