Based on recent data, the surge of bitcoin beyond the $41,000 mark has triggered a significant increase in trading activity originating from South Korea. Alongside this heightened volume, bitcoin is currently commanding a $1,500 premium on major South Korean cryptocurrency exchanges, including Upbit, Bithumb, Korbit, and Coinone.
Bitcoin Premium Soars in South Korea, Trading $1,500 Above Global Norm
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South Korea’s ‘Kimchi Premium’ Returns Amid 2023’s End-of-Year Bitcoin Rally
As bitcoin’s value soared to a peak of $42,400 per unit on December 4, 2023, the digital currency has been exchanging hands at around $41,769 per coin. Archived data recorded on December 5 reveals a substantial $95.8 billion in global 24-hour trading volume, with bitcoin ( BTC) accounting for $39 billion of these trades. During the 24-hour period, the most prominent fiat currencies traded against bitcoin were the USD, KRW, EUR, GBP, and JPY.
The United States dollar (USD) dominated with 14.87% of the total trades, while the Korean won (KRW) comprised 4.71%. On December 3, as reported by Bitcoin.com News, BTC’s ascent past the $40K mark coincided with a notable ‘Kimchi premium’ in South Korea. This premium persisted as of 00:35 (UTC) on December 5, 2023. On Upbit, a leading centralized cryptocurrency exchange in South Korea, a striking $3.82 billion in trades has been tallied in the last 24 hours.
Currently, bitcoin is fetching a price of $43,272 on Upbit, which is notably $1,503 higher than the global average of $41,769 per unit. While South Korea is renowned for its cryptocurrency premiums, other regions including Hong Kong, Japan, Malaysia, the Philippines, and Thailand occasionally experience similar premium trends. Ethereum ( ETH), with a global average price of $2,234, is trading on Upbit at an elevated rate of $2,310 per coin.
Similarly, solana ( SOL) is listed on Upbit at $63.27 per unit, surpassing its global average of $61.28. This trend of premiums is also evident on Bithumb, which has reported $937 million in spot market trade volume. Bitcoin, along with other digital currencies like ethereum and solana, are all trading at a premium on this platform. Coinone and Korbit are witnessing similar price surges for these same cryptocurrencies. Another notable instance is bitcoin cash ( BCH), which has a global average of $251 but is trading at $259 per coin in South Korea.
What are your thoughts on the crypto premiums in South Korea? Let us know what you think in the comments section below.
