Korean Won Becomes the Third Most Popular Fiat Ccurrency for Buying Bitcoin

LocalBitcoins reports an increase in transactions from South Korea on the platform of the project; such activity apparently also occurs on other exchanges. Due to the increased volume, the Korean Won has become the third most popular fiat currency, which is used to buy crypto.

Coindance data shows that the weekly volume on the P2P trading platform reached over $183,500 (217.5 million won), and on May 25, the total amount of transactions was even higher — the sales of bitcoins amounted to $186,000 (220 million won) . According to preliminary calculations, the volume has steadily increased since the beginning of May, when the current bullish rally started.

According to statistics from Coinhills analysts, the Korean Won (KRW) is the third most used fiat currency to buy BTC globally, accounting for 2.81% of global transactions. Other analysts at Messari.io note that over the past 12 months, investments in cryptocurrency from South Korea increased by 64.2%, while the average expenditure amounted to about $ 6,100, which is almost two times more than in 2018.

Image courtesy of Barrons.com

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