South Korea’s Bitcoin Surge: Premiums Soar as Cryptocurrency Hits $41,000
The recent surge in Bitcoin, surpassing the $41,000 mark, has sparked increased trading activity in South Korea.
Major South Korean cryptocurrency exchanges, including Upbit, Bithumb, Korbit, and Coinone, are witnessing Bitcoin commanding a $1,500 premium. As of December 4, 2023, Bitcoin reached a peak value of $42,400 per unit and maintained an average of $41,769 per coin. Global 24-hour trading volume recorded on December 5 amounted to $95.8 billion, with Bitcoin accounting for $39 billion.
The most traded fiat currencies against Bitcoin were USD (14.87%) and KRW (4.71%). The ‘Kimchi premium’ phenomenon, observed in South Korea, persisted, with Upbit registering $3.82 billion in trades in the last 24 hours. Bitcoin’s price on Upbit stands at $43,272, notably $1,503 higher than the global average. Similar premium trends are observed for Ethereum, Solana, Bitcoin Cash, and other cryptocurrencies on various South Korean platforms.
Clever Robot News Desk 7th December 2023
