South Korean Traders Propel Bitcoin Surge

South Korean traders are emerging as significant catalysts in the Bitcoin price surge of more than 50%, which has attained its most essential level in two years.

Bloomberg reported that, according to data compiled by CCData for November, the Korean won surpassed the dollar to become the giant fiat trading pair in cryptocurrencies.

In November, the Korean won comprised 42.8% of Bitcoin trading volume denominated in fiat, surpassing the dollar.

Except for stablecoins and specific trading pairs, the results from CCData indicate a significant surge in the market dominance of exchanges based in South Korea. Specifically, the proportion rose from 5.2% in January to 12.9% in November.

In particular, platforms such as Upbit have substantially contributed to the increased trading activity observed on centralized exchanges in East Asia.

The increase in trading activity is consistent with a total increase in trading volume during October and November.

Concurrent with this upswing in the digital asset market is optimism regarding the possible authorization of U.S. exchange-traded funds to possess digital assets.

South Korea, famous for its resilient blockchain and cryptocurrency community, has successfully managed adversities, such as the May 2022 collapse of Terra, which the co-founder of Terraform Labs spearheaded, Do Kwon.

Notwithstanding setbacks, numerous crypto firms prioritize the country due to the escalating regulatory challenges specific to the United States.

The data indicates that South Korea traders are not only making a substantial contribution to the market upswing but are also expanding their sphere of influence to encompass a wide range of digital assets.

As previously documented, analysts from the blockchain data platform CryptoQuant, established in South Korea, have disclosed that the increasing trading volume of alternative currencies is primarily attributable to traders based in South Korea.