South Korean Bitcoin Trading Volume Soars 17-Fold Amid Price Rebound
The Bitcoin trading volume in South Korea has surged by over 17-fold in just four months. According to data from CoinGecko, daily trading volume at the country's five largest cryptocurrency exchanges reached $3.27424 billion on September 22. This represents a significant increase of 44.7% compared to September 1, and is nearly 17 times higher than the June 8 low of $189.37 million.
The rebound in Bitcoin prices has been a key driver of this recovery, with Upbit data showing that the cryptocurrency rose 19.6% last month from August 1. As a result, customer deposits at the five exchanges have also increased, reaching 10.6561 trillion won ($7.7 billion) by the end of last month, up 104.32% from January of this year.
The Digital Asset Basic Act, currently under discussion in the National Assembly, is seen as a key variable for the direction of South Korea's crypto market. Industry officials point to the act as potentially providing additional momentum for the upward trend. However, it remains unclear whether the act will be passed and what its impact would be.