The reported volume of top South Korean cryptocurrencies exceeds the volume of the country’s stock market

The volume of transactions on the South Korean digital currency market on Sunday briefly exceeded the daily average volume of transactions on the country’s stock market.

According to data from CoinMarketCap, the total 24-hour volume of the major South Korean cryptobourses UPbit, Bithumb, Coinone and Korbit was more than $ 14.6 billion on Sunday. Same metric on Friday was about $ 14.5 billion on the Korean Compound Stock Price Index (KOSPI) and $ 10 billion on the Korean automated offer of securities dealers, or KOSDAQ.

The increase in volume occurred as the price of bitcoin (BTC) rose to a new all-time high of more than $ 61,000 on Saturday by immersion under $ 60,000 again.

It should be noted that trading volumes appearing on CoinMarketCap are not always considered accurate due to prevailing volume inflation. CoinMarketCap has introduced Several initiatives to combat excessive volume data, but the data state that they are higher than what is seen at Messari.

Some cryptobourses in South Korea experienced their share of regulatory and trade challenges last year.

In August, local authorities confiscated Coinbit, the third largest cryptocurrency exchange in the country, was accused after allegations that 99% of the volume of transactions on this exchange was pretended through money laundering. Data from CoinMarketCap shows that Coinbit’s 24-hour transaction volume is now just over $ 900 million.

In addition, the Korean branch of the main cryptocurrency company Binance said yes Close your gates in Januaryciting the declining liquidity and low trading volume of its BKRW trading pairs. Bithumb, the country’s second-largest stock exchange by volume, announced last week that it would introduction of new anti-money laundering tools and know your customer’s actions.

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