South Korea's domestic cryptocurrency market reached unprecedented valuations in December 2024, with the overall value of crypto assets in local wallets exceeding 100 trillion won. This is approximately $70.5 billion, according to a Bank of Korea (BOK) report cited by Busan Ilbo on April 22.

This was the highest monthly total since the central bank began reporting crypto-related data and is approximately 2.2 times larger than last October when crypto assets in local wallets reached 58 trillion won, or $41 billion.

According to the report, analysts attribute the quick turnover to the market excitement surrounding U.S. President Donald Trump's re-election in November and his public stances supporting crypto and other digital assets.

President Trump's public stance on a pro-crypto position , including policy proposals intending to roll back restrictions on digital assets and promote the equivalent of digital assets in future blockchain innovations, has reportedly impacted the flow of money, not only in the U.S. but across the globe, especially in South Korea.

The BOK indicated a clear surge in trading activity shortly after the elections. In the last week of December, the average trading volume reached 17.2 trillion won, which is approximately $12.1 billion—nearly five times larger than the average trading volume of October.

The report emphasizes how significant global actors can influence crypto space across their respective operational parameters, which can have far-reaching ripple effects on the overall state of crypto in many markets globally.