Coinspeaker
Korean Crypto Market Booms as Won Tops Global Fiat for Traders
The crypto market in South Korea has surged to new heights for the first time in two years as the country’s local fiat emerges as the top choice for digital asset traders.
According to a recent research conducted by blockchain firm Kaiko, in the first quarter (Q1) of 2024, the won became the most traded fiat against digital assets, surpassing the likes of the United States dollar and the European euro in terms of cumulative trade volume.
Improving Macroeconomic Environment
As per the research, trading volume on centralized crypto exchanges (CEXs) in South Korea skyrocketed to over $456 billion in won, outpacing the $455 billion volume in US dollars.
In contrast, Euro-denominated trading pairs registered a modest $59 billion in cumulative volume, securing third place during the first quarter of 2024, which ended on March 31.
Other fiat currencies such as the Turkish lira (TRY), Japanese yen (JPY),
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