South Korea’s cryptocurrency market has bounced again throughout the first half of this 12 months however continues to be virtually 50% beneath its worth on the finish of 2021, based on the Korea Monetary Intelligence Unit (KOFIU), a authorities company that oversees the nation’s anti-money laundering regime.
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- The South Korean crypto market capitalization rose from January to June this 12 months, rising 46% to succeed in a valuation of 28.4 trillion received (US$21.08 billion), based on a KOFIU examine launched Tuesday.
- Nevertheless, it’s nonetheless down 48.5% from 2021’s shut, simply earlier than the beginning of the bear market, when the native crypto market was valued at 55.4 trillion received (US$40.9 billion).
- The intelligence unit examined 26 cryptocurrency exchanges and buying and selling corporations and 9 pockets and custody suppliers, totaling 35 native companies.
- The typical every day buying and selling quantity of the surveyed exchanges was 2.9 trillion received (US$2.19 billion) within the first half, a 1.3% lower from 2.94 trillion received (US$2.17 billion) within the latter half of 2022.
- Amongst surveyed exchanges, 10 of them mentioned they had been dealing with difficulties in sustaining operations on account of an absence of transaction charges.
- The estimated variety of crypto merchants dropped 3% to six.06 million from the earlier interval’s 6.27 million merchants.
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