Why Is Cryptocurrency Trading Popular In South Korea?

As cryptocurrency markets revive, investors will take special note of their performance in a few key markets. South Korea is one of them. 

The Asian country emerged as one of the top markets for cryptocurrencies last year. South Koreans were responsible for a third of all bitcoin trades occurring in cryptocurrencies by the end of last year. Customers for cryptocurrencies spanned a broad age range and profile. South Korean investors paid “kimchi premiums”, a reference to inflated prices in the country, to invest in cryptocurrencies. Their influence in crypto markets was such that, at one point of time, they accounted for as much as 17 percent of all ethereum trades occurring in cryptocurrency markets last December. The price of Ripple, another virtual currency popular there, crashed at the beginning of this year after a popular site that aggregates crypto exchange listings did not include trading data from South Korea. (See also: Bitcoin Price Crashes On Fear Of South…