Huge Down Fall In Crypto Users & Crypto Transactions In South Korea
According to new data by the Korean lawmaker, huge downfall can be seen in the crypto transactions & crypto users engagement on the four biggest crypto exchanges in South Korea.
The South Korean government is much aware about crypto industry, that is why they keep analyzing & redeveloping their crypto regulation framework, so that people can’t misuse crypto for illegal activities and also their citizens can use crypto with better safety & confidence. But here new data reports are showing a big down fall in the crypto Investor in S. Korea.
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The Korean lawmaker Kim Hee-gon, shows data reports of the four biggest crypto exchanges in Korea. These four exchanges are Upbit, Bithumb, Korbit and CoinOne. This data report shows a huge drop in the crypto users at their platform. The new users decreased from around 1.65 million in April to 120,000 in June.
And also according to this data report, crypto transaction volume is rapidly going down. Crypto transactions’ downfall is around US$286 billion in April to US$87 billion in June.
It was also found that, in early June, people were withdrawing their funds from crypto more than deposit. That is a clear indication of how much people are blindly pooling their money from the crypto market.
It is believed that this rapid downfall in crypto users & crypto transactions is because of the high panic in the crypto market. From April, many people talked about the huge dump & also China’s decision on mining played a vital role in the double crash of the crypto market. And also one another big reason is, high restriction of the South Korean government over crypto tax.
Read also: The U.S. Senate plans to tighten crypto taxation
