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Bitcoin Kimchi Premium Surges as South Korea Grapples with Political Turmoil
Within the past month, South Korea has been embroiled in a web of political turmoil. Firstly, its parliament impeached President Yoon Suk-yeol in a shocking move that sent shockwaves throughout the nation. In an astonishing turn of events, lawmakers have since filed a motion to impeach the interim president, Han Duck-soo. The swift impeachment proceedings are reminiscent of a desperate attempt to stabilize the country’s fragile political landscape.
In light of these extraordinary developments, the Bitcoin Kimchi Premium has seen a sudden surge. As per on-chain data from CryptoQuant, this indicator now measures 3% more for South Korean investors purchasing BTC compared to their international counterparts. It appears that local traders are willing to pay a premium for cryptocurrency assets in an effort to escape the turmoil’s financial implications.
The Bitcoin Kimchi Premium, which typically indicates the disparity between the price of BTC on domestic exchanges and global platforms, has reached a staggering 144,450,000 won ($98,000) on Upbit, compared with $95,100 on Coinbase. Notably, this substantial increase in the premium echoes previous instances where such surges have often preceded market trends for South Korean crypto exchanges.
It is essential to recognize that the Bitcoin Kimchi Premium can be influenced by a range of factors, including regulatory policies and capital control measures imposed by the government. Moreover, the South Korean won’s devaluation has taken its toll on the local financial landscape. In this context, it is no surprise that investors have turned to dollar-denominated assets like BTC as a haven from the plummeting won.
As a result of these developments, the allure of cryptocurrency investments for the average trader in South Korea can be expected to intensify further in the coming days.
Source: cryptopotato.com
