06 Mar 2023 · 1 min read

45% of S Korean Crypto Users Predict a Bitcoin Price Rise This Week

A representation of a Bitcoin token against the backdrop of a price chart.
Source: Maximusdn/Adobe

Almost half of South Korean crypto holders think Bitcoin (BTC) prices will rise this week, a survey has found.

The survey was conducted by the researcher Pharos Labs (Kratos) and the crypto market information provider Coinness – and reported by the media outlet CoinReaders. The firms said they spoke to 2,000 people last week to gauge their opinions on the crypto market – with 45% predicting a BTC price rise.

While almost 7% predicted a “sudden jump” in prices, not all were optimistic: 2% thought a “sudden sharp drop” was in the cards.

And almost 14% said they were either “fearful” or “extremely fearful” about the markets in the week ahead. But just under a third expressed “optimism” or “extreme optimism” about the week beginning March 6.

Which Cryptoassets Do South Koreans Expect to Trade in the Week Ahead?

The researcher asked the survey participants which tokens they thought needed to be sold in the week ahead. Most (21%) answered Ethereum (ETH), with BTC behind at 17%, followed by XRP (10.5%).

However, the answers were almost identical when the same participants were asked to identify which tokens would be worth buying in the week ahead.

The participants were also quizzed about the crypto exchange Binance, which is still hotly tipped to enter the South Korean market by acquiring the Gopax exchange. Such a move would grant it an operating license and access to the lucrative KRW market.

When asked about the possible impact of Binance’s “entry into South Korea,” 37% stated that the firm would “surpass” domestic players such as Upbit and Bithumb – and “become the number one exchange in South Korea.”

A graph showing trading volumes on the Upbit crypto trading platform over the past seven days.
Trading volumes on the Upbit trading platform, (South Korea’s largest) over the past seven days. (Source: CoinGecko)

But just over half said it would only rise to a similar level to Upbit and Bithumb. One in ten, meanwhile, stated that it would grow to only medium size.

And the remaining 2% said they expected Binance to “withdraw” from South Korea after “a short period of time.”