The London-headquartered data analytics company discovered that crypto exchange BitHumb has obtained more than $16 billion in fiat money last April. The firm added that in the same month, BitHumb rival Upbit posted the second-best influx of fiat-based capital at roughly $7.5 billion. US-based exchanges Gemini, Kraken, and Coinbase paled in comparison, posting capital injections around one to five billion dollars apiece.
In February and March, Upbit and BitHumb topped the monthly fiat-to-crypto volume, indicating that South Korean investors were accumulating digital currencies better than others before April 2, when the Bitcoin price boomed. Nonetheless, BitHumb’s crypto-to-fiat volumes dipped in April despite a favorable purchasing sentiment. However, the figures were still higher than other crypto exchanges, including Upbit, whose crypto-to-fiat trading activity climbed in April.
“Malta-registered exchanges represented the majority of trading volume, followed by those legally registered in Hong Kong and South Korea,” CryptoCompare noted. “Monthly trading volume from Malta-registered exchanges increased 56% since February, while that of Hong Kong and South Korea-registered exchanges increased by 54% and 21% respectively.”
On Friday, Hank Yung reported that more South Korean investors were queueing to register at local crypto exchanges. The news service quoted a person working for NH Bank, which handles banking for BitHumb. The individual was complaining about working past office hours because of an increase in virtual currency account applications.
“As bitcoin price has surged to more than 10 million won, the demand for issuing password exchange accounts for investment has also increased.”
An employee at NH, a major bank in South Korea that handles banking for Bithumb, says new registrations for crypto trading is up substantially this week.
Seems like the rapid recovery of bitcoin has gotten the interest of retail investors.https://t.co/fPe08LC02p
— Joseph Young (@iamjosephyoung) May 18, 2019
eToro senior market analyst Mati Greenspan thinks the cryptocurrency trend in South Korea happens beyond spot exchanges and their banking partners. On Monday, the analyst stated that on May 18, LocalBitcoins posted its highest Bitcoin trading volume day against the South Korean Won.
SK also just reported their highest volumes ever @LocalBitcoins.
It's not a lot. Just about $165k. Still, it's a good indication that the wave is growing again in one of the most enthusiastic cryptotrading nations. pic.twitter.com/OcLsPWw6fE
— Mati Greenspan (@MatiGreenspan) May 20, 2019
— Unfolded (@cryptounfolded) May 20, 2019
Despite the regional influence of South Korea, the Bitcoin market is still attracting the most substantial capital from the US market. Per CryptoCompare, Bitcoin-to-dollar trading comprised 60% of the overall fiat-enabled volume in April. That is followed by Euro, Japanese Yen, and South Korean Won.