CandleFocus South Koreans pay 2.2% higher prices for Bitcoin as FOMO kicks in
2024-11-04
Author: Content Editor
Bitcoin is selling at a premium price in the South Korean market, with prices reaching over $69K on Upbit and an average of $68K on other global exchanges. This follows a period of a reverse 'Kimchi Premium' in October when BTC prices in South Korea were below the global average. The recent surge in BTC prices in South Korea is driven by FOMO and increased demand for Bitcoin. The premium price of BTC in South Korea has ranged between 0.60% and 2.21% since October 21st, indicating strong buying pressure from South Korean retail investors. The recent rally in the South Korean crypto market coincides with optimism in regulatory outlook and anticipation of Fed rate cuts. South Korean BTC investors anticipate high Bitcoin prices regardless of the outcome of the US elections. Overall, Bitcoin's price has increased by 8.8% in the last 30 days, with increased volatility expected after the US presidential election results. The falling exchange reserve suggests low selling pressure as investors hold onto their Bitcoin.
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