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South Korean people who trade in digital currency are playing a big role in the recent increase in Bitcoin prices.

South Korea is known for having a strong blockchain and cryptocurrency community for a long time.

In South Korea, people who trade in digital money have become important and have a lot of power. They have had a big impact on the recent increase in the value of Bitcoin, which has gone up by more than 50%, as per reports.

The South Korean currency, the won, is getting stronger compared to the dollar.

New information from CCData shows that the South Korean won is now the most traded currency in the crypto market, surpassing the US dollar. Based on the information, the South Korean won made up 42. 8% of trading with Bitcoin, which is more than the US dollar for the first time.

In September to November, the Korean won became more popular for trading Bitcoin, going up by 17% to about 41%. At the same time, the use of the dollar in trading went down by 11% and is now around 40%. This change shows that more and more traders from South Korea are starting to have a bigger impact on the world market for cryptocurrencies, especially with the recent increase in the price of Bitcoin.

Also, experts from the blockchain data platform CryptoQuant, which was started in South Korea, say that South Korean traders are mostly responsible for the increasing trading volume of alternative cryptocurrencies. This shows how the country helps to change and control the market for cryptocurrencies other than the main ones.

Despite a security issue in October, platforms like Upbit have been important in increasing trading on centralized exchanges in South Korea.

Also, more trading is happening in line with an overall increase in trading volume seen in October and November. This big increase in value happens at the same time as people feeling hopeful about the possibility of US Exchange-Traded Funds (ETFs) being allowed to hold digital assets.

The digital money system in South Korea

South Korea is known for having a strong group of people who use blockchain and crypto. The country has created important people and leaders in the world of cryptocurrency, like Do Kwon, who helped start Terraform Labs.

Kwon’s TerraUSD project was very ambitious, but it faced a lot of problems and ultimately failed in May 2022. This event had a big effect on the Korean people who use cryptocurrency, and it caused some problems for a short time. But, South Korea’s crypto fans have shown how important they are in keeping the country as a central place for crypto.

Cryptocurrency rules are getting more attention in the US, but many crypto companies see South Korea as a good place to do business. The rules in the US are causing some companies to look for other places to do business. South Korea is friendly to crypto and is a good option for them.

Meanwhile, the Bank of Korea and some financial regulators in the country say they want to start a pilot program to study the technical things needed to launch a digital currency for the central bank.

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