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South Korea's Bitcoin premium remains amid market fluctuations

South Korea's Bitcoin premium remains amid market fluctuations

GrafaGrafa2024/09/02 01:55
By:Liezl Gambe

Despite recent fluctuations in the cryptocurrency market, Bitcoin (CRYPTO:BTC) continues to trade at a premium in South Korea.

This premium has been a consistent feature since October 30, 2023.

On August 22, 2024, Bitcoin’s price briefly fell to around $60,500.

However, within a short span, it surged to $64,000, showing the market’s volatility.

On that day, the premium dipped 0.36% below the global average but rebounded quickly.

Since October 30, 2023, Bitcoin has generally traded at a premium in South Korea, with a significant surge exceeding 10% in mid-March 2024.

The only notable dip occurred on August 22, 2024, where the premium briefly decreased by 0.36%.

By August 23, the premium had rebounded to 0.93% above the global average and continued to rise, reaching 2.63% on August 27.

By August 29, the premium settled at 1.94%.

As August concludes, Bitcoin maintains a 1.52% premium on the South Korean exchange Upbit, with prices approximately $898 higher than the global average.

Ethereum (CRYPTO:BTC) also trades at a premium on Upbit, though smaller, at 0.95%.

In contrast, Coinbase exhibited a slight premium between August 4 and August 28, 2024.

Stablecoins like USDT (CRYPTO:USDT) and FDUSD (CRYPTO:FDUSD) are the primary trading pairs for Bitcoin, with the South Korean won being the second most traded fiat currency after the U.S. dollar.

Throughout 2024, the won has played a significant role in trade volume.

Coinbase saw a minor premium peaking at 0.07% on August 22, but prices fell into negative territory by August 29.

The persistent Bitcoin premium in South Korea compared to Coinbase’s modest premium highlights a stronger demand in the South Korean market.

This reflects the unique dynamics of regional crypto trading practices.

At the time of reporting, the Bitcoin price was $57,496.81.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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