The size of the South Korean crypto market has shrunk by a whopping 60% in the last six months as retail investors in the crypto-keen nation slash their crypto spending. But there is a suggestion that some traders in the nation are still dipping their toes in the market’s choppy waters, while others appear to be readying for more significant moves.
Hanguk Kyungjae reported that the South Korean crypto market cap is now worth $16.1 billion – down from close to $39 billion just half a year ago. The data was compiled by the regulatory Financial Services Commission (FSC).
Crypto-to-crypto transactions also dropped by a staggering 98%, suggesting a sharp drop in trading activity, with fiat-to-crypto/crypto-to-fiat transactions shrinking by 58%.
And while investors made some $1.2 trillion worth of “profits” from their crypto trading activities in the second half of 2021, that figure has shrunk back to under $450 million in the past six months.
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...