Small Korean Investors are Buying Bitcoin Instead of Stocks

Small Korean Investors are Buying Bitcoin Instead of Stocks
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According to Bithumb, their monthly transactions have increased on a month by month basis. In April, the figure was US$593.27 million. In May, this became US$4.68 billion, and in July it quickly rose to US$54.52 billion.

On the KOSDAQ, monthly transactions were declining. In April, it was US$63.69 billion, and in May, this dropped to US$50.91 billion. Although in July it was US$56.79 billion, monthly transactions fell again in August totaling US$54.53 billion that month.

On the 19th of August, the daily trading volume on Bithumb was US$2.4 billion and had surpassed the $2.24 billion adjusted daily trading volume on the KOSDAQ on the same day.

Suk Tae, a senior economist at Societe Generale Securities Korea, stated that ‘the craze of virtual currencies, including bitcoin, is one of the factors that adjust the KOSDAQ market.’ Suk Tae goes on to comment on the nature of trading virtual currencies and why small-scale Korean investors enjoy trading cryptocurrencies as a short-term investment.

Source: Small Korean Investors are Buying Bitcoin Instead of Stocks

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