The crypto market cap reached $1.8 trillion on Sunday after Bitcoin crossed $60,000 for the first time in history. Crypto trading is booming in Asia as retail and institutional traders are pushing the trading volumes on leading Asian digital exchanges to a record high.
According to the latest data published by CoinMarketCap, the total 24-hour trading volume at leading crypto exchanges in South Korea including Bithumb, Coinone, UPbit, and Korbit crossed $14.6 billion on Sunday, more than the trading volume of $14.5 billion in Korea Composite Stock Price Index (KOSPI) on Friday.
The recent surge in volume came after Bitcoin, Ethereum, Binance Coin and Cardano posted strong gains over the weekend. As of writing, the crypto market cap stands at around $1.7 trillion.
The crypto exchanges in South Korea have reported a surge in trading volumes since the last few weeks amid a rise in retail trading. But, due to some regulatory proposals, digital exchanges in the country are under pressure to develop strict compliance and KYC structure for the clients.
Finance Magnates earlier reported an announcement by the Financial Services Commission of Korea (FSC) to impose heavy penalties on crypto violations in the country.
Crypto and Stock Market
Several asset management firms have started allocating funds to invest in crypto assets. Organizations around the world are now considering cryptocurrencies as a diversification tool for investment portfolios. The recent data from South Korea shows that retail and institutional traders are now taking more interest in the trading of cryptocurrencies, compared to the stock market. In 2020, the National Assembly of South Korea passed a Special Financial Information Law to provide a clear regulatory framework for digital exchanges operating in the country. The proposed law is expected to take effect next year.
The world’s largest crypto asset Bitcoin is now more valuable than companies like Facebook, Berkshire Hathaway, Tesla and Tencent. BTC is now targeting Google’s stock which currently has a market cap of nearly $1.4 trillion.