Bitcoin Price in South Korea Sees Largest Discount Since October 2023According to recent data, the premium for bitcoin in South Korea briefly turned into a discount last week, a rarity since October 2023. While the premium quickly bounced back, it’s still hovering just below 1%.Bitcoin Sees Steep Discount in South Korea, Premium Quickly Rebounds but Stays Below 1%On Sept. 23, bitcoin (BTC) in South Korea was trading at a discount, its largest since October 2023, according to figures from cryptoquant.com (CQ). Specifically, the price was 0.55% below the global average. By Sept. 25, CQ reported that the discount had widened to 1.15%. But by the next day, the premium was back, with BTC trading 0.57% higher than the worldwide average.
Just two days ago, on Sept. 28, South Korea’s bitcoin exchange rate had aligned with the global average. South Korea often experiences a premium on bitcoin due to high demand, strict capital controls, and a more limited cryptocurrency supply. For instance, Upbit, the country’s top exchange by trade volume, offers far fewer coins than many global competitors.
While Binance boasts 425 coins and Bybit offers 662, Upbit lists just 215, and Bithumb carries 299. As of 2:30 p.m. EDT on Sept. 30, the South Korean premium stood at 0.60% on Upbit. Earlier this year, the premium hit significantly higher marks—on March 15, 2024, the day after BTC soared to $73,737, CQ recorded a premium of 10.88%.
Bitcoin is kicking off the week on a rough note, slipping 4% against the U.S. dollar over the past 24 hours. This Monday dip drags its weekly return down to a slight loss of 0.5%. On the evening of Sept. 29, BTC was hovering around $66,000, but by Monday’s trading sessions, the top crypto had been fighting to stay above the $63,000 mark as of 2:45 p.m. EDT.
Source: https://news.bitcoin.com/bitcoin-price-in-south-korea-sees-largest-discount-since-october-2023/
