South Korea's Bitcoin Market Heats Up, Upbit and Bithumb Record Premiums
- PHPzOriginal
- 2024-08-08 09:57:171023browse
While bitcoin (BTC) prices remain lower, they have consistently carried a premium on major South Korean exchanges like Upbit and Bithumb.
Bitcoin (BTC) prices have been trading at a premium on major South Korean cryptocurrency exchanges like Upbit and Bithumb. This premium, which reflects higher prices for BTC on these exchanges compared to the global average, has been rising in recent times.
On Wednesday, Aug. 7, 2024, at approximately 4:11 p.m. EDT, the price of bitcoin on Upbit stood at 61,225,000 South Korean won ($57,027). At the same time, the global average price for BTC was $54,709, according to data from cryptoquant.com. This difference resulted in a premium of 4.23%, as shown by snapshots of coinmarketcap.com and Upbit’s exchange page.
This premium in South Korea has been increasing this week. According to metrics from cryptoquant.com, the premium for a single bitcoin in South Korea had dipped below the 1% range. However, as BTC prices fell, the premium rose, reaching 5.94% on Aug. 4, 2024. This premium is also visible on the U.S. crypto exchange Coinbase.
On Aug. 4-5, during the market downturn, a slight premium also appeared on Coinbase. A premium on Coinbase suggests that U.S.-based buyers are willing to pay marginally more than those on other exchanges. It may further indicate increased demand from institutional investors or retail buyers on the platform. However, the premium on Coinbase is considerably lower than the traditional premium observed in South Korea.
Bitcoin prices have been trading at a premium in South Korea for quite some time now. This premium is usually attributed to several factors, including strong retail demand, limited supply on local exchanges, and positive sentiment within the South Korean market.
South Korea ranks fifth in terms of BTC liquidity and second for fiat-rate trading pairs with bitcoin after the U.S. dollar. On Aug. 7, the South Korean won (KRW) accounted for 1.82% of BTC’s daily settlements.
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