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This week, bitcoin’s price briefly exceeded $70,000 per coin before declining after the movement of Mt Gox bitcoins, yet the premium for bitcoin in South Korea has significantly increased. Having fallen below the 1% range, the premium on South Korean exchanges has now climbed to 2.23%.
Bitcoin Premium in South Korea Grows
Bitcoin (BTC) saw its price drop from a peak of $70,601 on Monday to a low of $67,433 per coin. This sharp decline followed widespread reports of $9.6 billion worth of Mt Gox bitcoins being moved.
Although the price briefly rebounded above $68,000, it now hovers just below that mark. Interestingly, the premium for BTC in South Korea is on the rise once more. When BTC traded at $68,249 globally, it was priced at $69,775 per coin on Upbit, reflecting a 2.23% premium.
Currently, data indicates that the Korean won accounts for 2.12% of BTC settlements, making it the second most popular fiat currency for BTC transactions after the U.S. dollar. Despite the recent increase, the 2.23% premium is still far lower than the 9.54% premium observed when BTC hit $73,794 per coin.
At 12:45 p.m. EDT on Tuesday, BTC’s price was approximately $67,800 per coin. Simultaneously, on the South Korean exchange Upbit, BTC was trading at $69,500 per unit.
What do you think about the return of South Korea’s infamous bitcoin premium? Share your thoughts and opinions about this subject in the comments section below.