South Korea’s crypto investor surge drives CEX profits by 106%
South Korea has experienced a notable uptick in cryptocurrency investors, reaching 7.78 million in the first half of 2024, which is over a 21% increase from the previous half-year period. This surge has significantly boosted the profitability of major local digital asset exchanges, with combined operating profits exceeding 5,900 billion won (approximately $4.2 billion) — a year-over-year increase of over 106%. While the growing investor base signals optimism for a bull market, a majority (over 67%) of these investors hold relatively modest portfolios, with only 10% having over $7,200 in digital assets. Interestingly, Bitcoin remains the most popular choice among South Koreans, comprising over 37% of their cryptocurrency holdings. The demographic of investors is predominantly male, especially those over 30, indicating a specific pattern in investor profiles within the country. Despite Bitcoin's recent highs, some analysts express caution over its potential to reach new all-time highs due to prevailing macroeconomic conditions.
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