Seoul Bitcoin Premium Hits 3%

Since bitcoin briefly dipped below global averages in South Korea on April 9, the past ten days have seen the coin fetch a premium, touching 2.97%

South Korea’s crypto market has always been interesting to follow, especially in the context of the broader market.

The key takeaway

Over the past ten days, bitcoin has traded at a premium in South Korea, specifically in Seoul, reaching as high as 2.97% above the global average.

This premium signals strong demand and confidence among Korean traders.

However, the greenback is now trading at a discount to the kpe, according to cryptoquant.com.

This signals that U.S. traders are paying less for bitcoin than their Binance peers, indicating more subdued demand in the U.S.

As the world's no. 1 and no. 3 bitcoin fiat pairs, their price divergence exerts a powerful influence over global price discovery.

When these two hubs move in opposite directions, the tension between discount and premium shapes the coin’s broader momentum.

A new report by cryptoquant.com took a look at the interesting price action, writing that, «after briefly dipping below the global average on April 9, bitcoin began trading at a premium in South Korea's market over the past ten days.»

The report explained that the premium reached as high as 2.97% on April 15, adding that «the world average price is being measured by averaging the top 3 exchanges’ prices (Binance, FTX, and Huobi) excluding the Korean exchanges, while the local average price is being measured by averaging the top 2 Korean exchanges (Upbit and Bithumb).»

The report continues: «The interesting fact is that the U.S. traders via Coinbase Pro are now paying less for bitcoin than the Binance traders, which is shown by the Coinbase Premium Index being in the negative territory.»

The report also noted that the report's analysis focuses on the greenback and the won, adding that «their opposing price signals exert substantial influence over global price discovery.»

«When these two hubs diverge, the tension between discount and premium shapes the coin’s broader momentum. Finally, it's important to consider that these observations are based on a snapshot in time and may change rapidly due to the dynamic nature of the cryptocurrency market.»

News data source: kdj.com

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