CandleFocus Bitcoin Surpasses 100 Million Korean Won on Upbit as Global Demand Rises
2024-11-06
Author: Content Editor
Bitcoin has surpassed the 100 million Korean won (KRW) mark on Upbit, South Korea's largest crypto exchange, highlighting the strong demand for BTC in the country. This milestone reflects the "Kimchi Premium," where BTC often trades at a higher price in South Korea compared to global exchanges. The premium is attributed to factors such as high demand and limited arbitrage opportunities due to capital controls. Bitcoin's rise above 100 million KRW on Upbit solidifies its position as a preferred asset for South Korean investors and reinforces its acceptance in the country's financial landscape. This milestone is likely to boost confidence in digital assets among South Korean investors and could have implications for trading behavior and regulatory outlook.
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