South Korea is Moving More Fiat Into Cryptocurrencies

· 03 Jan 2018 in Crypto News, Home

This Asian country is one of the most actives regarding cryptocurrency news. For a crypto fan it is not boring to live there or read about it. Now, the government has revealed the data of the amount of fiat currency deposited in the different cryptocurrency exchanges. The most important result is that deposits have increased 64 percent in 2017, compared to 2016.

South Korea – In Line with the Rest of the World

The Korean Financial Supervisory Service (FSS) has revealed information about the deposits made at the different cryptocurrency exchanges available in the country in 2017. The report reads as follows:

“The balance of deposits as of December 12 last year (2017), amounted to 2.067 trillion won ($1.95 billion dollars). Tis is a 64-fold surge from 32.3 billion won ($30.3 million dollars) at the end of 2016. This is the first time that the total amount of deposits in the virtual money market has been confirmed.”

These numbers have grown exponentially in the last years. In 2014 and 2015 the amounts deposited were much smaller. In 2014 2.5 billion won ($2.35 million dollars) were deposited and in 2015 9 billion won ($8.46 million dollars).

South Korea is in line with the rest of the world. The amounts of Bitcoin and other cryptocurrencies traded worldwide has been increasing in the last years and months. During 2017, the cryptocurrency market has experienced an incredible mainstream support that it is expected to keep in 2018 if the media keeps covering the cryptocurrency market.

The total cryptocurrency market capitalization has also grown exponentially. At the beginning of the year it was around $17 billion dollars, and at press time it has reached almost $700 billion dollars.

South Koreans have also help different cryptocurrencies to receive an important price bump. For example, Ripple (XRP) has been growing even when the whole cryptocurrency market was involved in a deep correction. The only virtual currency growing at really high rates was Ripple. Bithumb, one of the most important South Korean exchanges accounted for 53 percent of Ripple’s overall trading volume. South Korea plays a really important role in the cryptocurrency market and it is widely seen.

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