As the price of bitcoin has risen significantly this year, it has been shown that more individuals are making new investments. On the 19th, the price of bitcoin is displayed at 57172,000 won on an electronic board at a cryptocurrency exchange in Teheran-ro, Seoul. Reporter Shin Kyung-hoon [email protected]
The number of new personal accounts opened by three banks, including Nonghyup Bank, Shinhan Bank, and K Bank, surged by more than 30% last month. In order to buy and sell bitcoins at four major domestic cryptocurrency (virtual currency) exchanges such as Bithumb UpBit Coin One, Corbit, you must have an account with these banks. The analysis of the financial sector is that this is because the number of individuals who newly started investing in cryptocurrency has increased significantly as the price of bitcoin soared close to 60% this year.
According to the banknote on the 19th, the number of accounts newly opened by individuals at Nonghyup Bank and Shinhan Bank K Bank, which provide real-name accounts to major domestic cryptocurrency exchanges, was 1.4 million, an increase of 30.8% from the same period last year (107 million).
Nonghyup Bank is partnering with Bithumb, the No. 1 market share based on domestic bitcoin transaction volume, and Coinone, the 3rd place. K-Bank and Shinhan Bank support real-name accounts of 2nd place Upbit and 4th place Kobit, respectively.
Hana Bank Kookmin Bank Woori Bank’s new account openings, which are not affiliated with the four cryptocurrency exchanges, decreased by 30.3% from 1.45 million in January of last year to 1.10 million in January of this year. The number of new accounts opened by banks that support cryptocurrency transactions is increasing this month. An official from the financial sector explained, “The increase in new accounts only at banks that can transact cryptocurrency means that individuals are engaged in cryptocurrency investments such as bitcoin.”
Recently, the price of bitcoin has skyrocketed as the mass purchase of American electric vehicle company Tesla and investment from global financial companies continue. According to Bithumb, the price of bitcoin from 31.9 million won at the beginning of the year has risen to 57.8 million won as of 4 pm on this day.
In the cryptocurrency industry, it is predicted that the’warning’ of US Treasury Secretary Janet Yellen could lead to bitcoin regulation and act as a negative factor. Minister Yellen said on the 18th (local time), “The action on bitcoin, a highly speculative asset, should be aimed at protecting investors.”
‘Bitcoin’ at some point, 58 million won… K-bank’s January new account exploded 14 times
5470 nonghyup accounts linked to the exchange a day… “Buksaetong at the daily window”
A nonghyup bank branch in Seocho-dong, Seoul at 1:30 pm on the 19th. Bank counters were crowded with people waiting to open new accounts. The manager of the store, who asked for anonymity, said, “Recently, customers who want to open free deposit and withdrawal accounts are crowded, and they are always busy every day.” Most of the people who open accounts here are professionals in their 30s and 40s, and the financial industry interprets that there is no way to explain the background of their visit to Nonghyup Bank, which has no business relationship, except for bitcoin investment.
○ Only Nonghyup, Shinhan, and K-bank account increased
The Nonghyup Bank as a whole opened an average of 4590 free deposit and withdrawal accounts per day in January. As of this month, it has increased to an average of 5470 per day. Nonghyup Bank provides real-name account services to major cryptocurrency exchanges, Bithumb and Coinone. Individuals need an Nonghyup Bank account to insert and withdraw cryptocurrency transactions from Bithumb and Coinone. The cryptocurrency exchange allows transactions such as bitcoin only through the account number received from Nonghyup Bank.
An official from the banking sector said, “The number of account openings in Seoul, Yeouido and Gangnam, etc. has increased particularly,” he said.
Nonghyup Bank K-Bank Shinhan Bank, which provides real-name accounts to cryptocurrency exchanges, recorded 1.4 million new personal accounts in January this year, an increase of more than 30% from the same period last year. K-Bank, a specialized internet bank affiliated with cryptocurrency exchange Upbit, also registered 280,000 members last month, 14 times more than a year ago (20,000). To become a K-Bank member, you must register at least one deposit and withdrawal account. The increase was larger than when the loan business resumed last July (100,000 people). An official from the banking sector said, “280,000 new accounts per month is equal to the number of new products opened by one large bank.” A K-bank official also said, “The booming bitcoin market has affected the increase in the number of members.” The number of new accounts at banks not affiliated with cryptocurrency exchanges decreased by 30%.
○ Again, bitcoin craze in 2017
Recently, the bitcoin market has received good news. On the 8th, US electric vehicle maker Tesla changed about 8% ($1.5 billion) of its cash to Bitcoin. Tesla founder Elon Musk said, “In the future, we will be able to buy cars with Bitcoin.” There were also fewer announcements that global institutional investors acknowledged Bitcoin as an investment asset. On the other hand, the stock market remains flat.
This year, the price of bitcoin is also skyrocketing. On the 18th, it soared to a record high of 58.2 million won. It was close to four times the price of bitcoin (11.94 million won) a year ago. The price of Ethereum, which has the second market capitalization after Bitcoin, also rose to 2147,000 won, more than five times higher than a year ago.
As the cryptocurrency market heats up, the number of members entering the domestic exchange is increasing. Bithumb’s membership growth rate compared to the same month last year rose from 53% in November to 63% in December and reached 760% last month. Bitcoin transaction amount also jumped to 2.77 trillion won in November last year and 5.87 trillion won in December, and then surged to 12.806.9 billion won last month.
There is also an analysis that the’Bitcoin Frenzy’, which started in 2017 and peaked in early 2018, is happening again in Korea. According to Coinhills, a cryptocurrency data analysis company, the proportion of won in the bitcoin transaction volume for the past 24 hours from 3pm on the 19th was the fourth (4.33%) after the dollar, yen, and euro. Hansung University economics professor Kim Sang-bong said, “It is an abnormal phenomenon that the market capitalization of Bitcoin exceeds $1 trillion.”
Reporter Park Jin-woo/Kim Dae-hoon [email protected]