Weekly South Korea Crypto Market Outlook : The second week of June 2024

Cratos and CoinNess conduct regular weekly surveys.

Regular surveys are conducted every week within the Cratos app, and the number of survey participants is 2,000.

This particular survey was conducted from June 12th to June 14th.

According to the regular survey on weekly trends of Korean cryptocurrency investors jointly conducted by CoinNesss and Cratos, 43.9% of respondents (compared to 49.0% last week) forecasted that Bitcoin would rise or rise sharply next week. The percentage of respondents expecting a flat movement was 38.7% (compared to 39.7% last week), while the percentage of respondents anticipating a fall or sharp drop was 17.5% (compared to 11.4% last week).

For Ethereum, it showed a similar trend to Bitcoin. 46.3% of respondents (compared to 51.9% last week) forecasted that Ethereum would rise or rise sharply next week. Those expecting flat movement accounted for 36.6% (compared to 38.0% last week), while those anticipating a fall or sharp drop remained at 17.2% (compared to 10.1% last week).

When asked about market sentiment, 32.5%, responded with optimism or extreme optimism. The proportion of those responding neutrally was recorded at 48.3%. The percentage of people experiencing fear or extreme fear in the current cryptocurrency market is 19.3%.

In response to questions about coins they recently sold or plan to sell 19.6% of respondents answered Bitcoin, followed by 17.2% for Ethereum.
Additionally, 13.2% mentioned XRP, 5.5% Dogecoin, 2.9% Solana, 2.0% MiL.k, 1.6% Shiba Inu, 1.4% Flow, and 1.3% Polygon. Furthermore, a total of 35.3% provided various other opinions. These included cryptocurrencies such as TRON, Paycoin, NEAR Protocol, Ethereum Classic, AhaToken, Sei, Meatdium, Klaytn, Mina, and others. 7.6% of respondents stated they had no intention to sell.

In response to questions about coins they recently sold or plan to buy 21.6% of respondents answered Bitcoin, followed by 19.1% for Ethereum. Additionally, 12.1% mentioned XRP, 5.5% Dogecoin, 2.3% TRON, 2.2% Solana, 2.0% MiL.k, 1.6% Shiba Inu, and 1.3% Polygon. Furthermore, a total of 32.4% provided various other opinions. These included cryptocurrencies such as Metadium, Paycoin, Cardano, AhaToken, MileVerse, Klaytn, Ethereum Classic, Polymesh, Pepe, and others. 7.9%
of respondents stated they had no intention to buy.

As a response to a survey asking ‘What is your position on the virtual asset taxation scheduled to be implemented in January next year?’, 7.8% answered ‘I support the current plan to tax 22% on amounts exceeding 2.5 million KRW annually.’. Those who answered ‘I would support it if the deduction limit is increased to ensure fairness with the financial investment income tax.’ were 22.9%. 43.5% of respondents answered ‘I oppose the taxation.’. 21.0% of respondents answered ‘Taxation should be deferred.’. And 5.0% of respondents answered ‘It’s none of my concern.’.