1 out of 5 South Korean invest in Crypto, what do they buy? A new survey has found that about one in five South Koreans are still investing in crypto, despite the collapse of the FTX exchange slowing global markets.
According to News1, this survey was conducted nationwide this month by the research company Consumer Insight. The company spoke to 2,000 people between the ages of 20 and 69 and found that 18.2% of respondents said they are now continuing to trade or buy coins to prepare for business.
Among crypto traders, Bitcoin (BTC) is the first choice, with 46.1% saying they prefer BTC. Ethereum (ETH) edged out XRP in second place, with 25.9% and 24.5%, respectively. Almost 17% said they prefer to trade in Dogecoin (DOGE). Just over 10% said that they have tried crypto trading in the past, but now don’t have any coins. But almost 72% said they have never bought any kind of crypto. More than a quarter of those who say they sell coins are in their 30s, while 23% are between the ages of 40 and 49. Just under 20% are in their twenties.
Almost 6 in 10 said they spent less than $746 in coins and crypto trading. But nearly 12% said they spent more than $7,460. Either way, sales numbers continue to decline in international exchanges. The market-leading crypto exchange, Upbit, recorded a 24-hour annual trading volume of nearly $10.3 billion in trades on March 31 of this year, according to statistics from CoinGecko. That figure fell to a 24-hour average of more than $1 billion in mid-November.
South Korean Crypto Marketers: Status Quo?
South Korea’s exchange has clearly emerged from the FTX meltdown – and the financial crisis has not been reported in many of the country’s largest trading platforms, although one platform (Gopax) has had trouble withdrawing due to its partnership agreement with Genesis . Apart from the short cut and shopping in Nov. 10, it seems that many home traders are still buying and selling coins on platforms like Upbit and its closest competitor, Bithumb.
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