11:14Apr 19, 2021MT Newswires

Market Chatter: South Korea's Cryptocurrency Turnover More than Doubles in Four Weeks: CoinMarketCap

South Korea's cryptocurrency turnover more than doubled from March 14 to April 15 as retail investors turned to virtual currencies to shield their savings from the COVID-19 pandemic-led rout.

The total turnover of 14 cryptocurrency exchanges in South Korea stood at $21.63 billion as of last Thursday, Yonhap News reported on Friday, citing crypto information platform CoinMarketCap.

The combined turnover of Bithumb, Coinone, Upbit and Corbit, in particular, made up 83% of the total turnover at $18.85 billion, or 21.1 trillion won, the report said.

The said figure was more than twice the value recorded on the four exchanges as of March 14, it added.

In contrast, the average turnover of retail investors on the country's main stock bourse fell to 9.4 trillion won on a daily basis in March from 12.2 trillion won from the previous month, it said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)