Korean investors abandon savings, stocks for cryptocurrencies

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The story "Korean investors abandon savings, stocks for cryptocurrencies" was covered 11 hours ago by Korea Economic Daily, a news publisher based in South Korea.

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Korean investors abandon savings, stocks for cryptocurrencies - Korea Economic Daily

Quick Summary:

According to the Korea Financial Investment Association, stock investment deposits lost 3.6 trillion won last week to 54.67 trillion won.“Capital has flown in the cryptocurrency market from low interest-paying bank term deposits/savings and lethargic stocks,” said Kim Min-seung, head of Korbit’s research center.“Cryptocurrencies are also poised to become a mainstream asset under the Trump government,” a big change from a few years back, he added.

According to The Korea Economic Daily’s analysis of Korea’s Financial Supervisory Service’s deposit data of Korean crypto exchanges on Monday, total fund deposits with the country’s top five cryptocurrency exchanges – Upbit, Bithumb, Coinone, Korbit and Gopax – stood at 10.66 trillion won ($7.3 billion) as of the end of January.

NOWHERE TO GOAfter about 20 trillion won worth of funds in the country’s top five commercial banks’ deposit and savings accounts were withdrawn last December, another 6 trillion won vanished in January.