While Bitcoin Tops $122K, South Korea’s Price Gap Widens Again

With bitcoin reaching an intraday peak of $122,208 on Wednesday, prices in South Korea remain lower than global market rates.

Down Over $1,200—Bitcoin Price Diverges as South Korea’s Market

On July’s final day, bitcoin’s price in South Korea finally lined up perfectly with the global exchange rate, ending a discount streak that had lingered since July 8. During the first week of August, the market even flipped to a premium — but that brief reprieve didn’t last, as the puzzling discount has crept back into play.

Bitcoin.com News recently reported on the country’s discount phase and how the gap narrowed toward the end of July. On Aug. 1, a premium emerged, followed by a flat day, before climbing to 1.24% on Aug. 5. The very next day, the market eased back toward neutral, settling with a modest 0.26% premium when priced in won.

Bitcoin Korea Premium Index from cryptoquant.com.

By Aug. 7, cryptoquant.com data showed bitcoin trading at a 0.58% discount on South Korean exchanges. On Aug. 10, the gap widened to 1.18% below global rates, and by Aug. 12, it deepened to 1.49%. Today’s trading still reflects the discount. Archived data from 10:14 a.m. Eastern time shows BTC priced at $122,035 on coinmarketcap.com.

At the same moment on Upbit, archived stats show it was $120,826 per coin, with Bithumb and other South Korean platforms showing a similar won-based discount. Upbit, the country’s leading exchange by volume, has handled more than $4 billion in crypto trades over the last day, according to figures collected at press time.

One factor likely contributing to South Korea’s bitcoin discount is President Trump’s 25% tariff on South Korean imports, which took effect Aug. 1, 2025. The move has rattled markets, weakened the won, and spurred heavier selling in Korea as investors brace for potential trade war fallout—offloading stablecoins and crypto in the process.