The price of bitcoin reached a record high of $70,000 per coin before experiencing a decline due to the movement of Mt Gox bitcoins. However, the premium for bitcoin in South Korea has significantly increased. After dropping below 1%, the premium on South Korean exchanges has now risen to 2.23%.
Bitcoin’s price fell from $70,601 to $67,433 per coin following reports that $9.6 billion worth of Mt Gox bitcoins had been moved. Although the price briefly recovered above $68,000, it is currently just below that level. Interestingly, the premium for bitcoin in South Korea is once again on the rise. When the global price of bitcoin was $68,249, it was priced at $69,775 per coin on Upbit, reflecting a 2.23% premium.
Data indicates that the Korean won accounts for 2.12% of bitcoin settlements, making it the second most popular fiat currency for bitcoin transactions after the U.S. dollar. Despite the recent increase, the 2.23% premium is still much lower than the 9.54% premium observed when bitcoin reached $73,794 per coin.
At 12:45 p.m. EDT on Tuesday, the price of bitcoin was approximately $67,800 per coin. Simultaneously, on the South Korean exchange Upbit, bitcoin was trading at $69,500 per unit.
What are your thoughts on the resurgence of South Korea’s famous bitcoin premium? Share your opinions in the comments section below.
