South Korean Won Dominates 30% of Global Crypto Trading Volume in 2026

News Flash 2026-05-06 02:51

The South Korean won has captured 30% of global spot cryptocurrency trading volume in 2026, ranking second only to the US dollar, according to Kaiko. South Korea's crypto market, driven by exchanges Upbit and Bithumb, sees approximately $26 billion in weekly turnover, with altcoins comprising 85% of trades. Despite high volume, Korean order books are thinner compared to Japan's, highlighting a retail-driven market. This crypto surge parallels a boom in Korean equities, with the iShares MSCI South Korea ETF (EWY) returning over 37% year-to-date, fueled by demand for memory chips essential for AI systems. Samsung Electronics and SK Hynix, key players in the AI memory chip market, significantly influence this trend. The ongoing AI demand cycle is also impacting US energy markets, with carbon allowances reaching a four-year high, reflecting the global interconnectedness of tech and energy sectors.

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