Since October 2023, Bitcoin has consistently traded at a premium in South Korea, reflecting a market that’s marching to its own beat.
Despite a brief dip into negative territory on August 22, 2024, when BTC slipped 0.36% below the global average, the trend quickly reversed.
By the next day, the premium had rebounded to 0.93%, eventually climbing to 2.63% on August 27 before settling at 1.94% two days later.
As August draws to a close, Bitcoin is trading at a 1.52% premium on South Korea’s Upbit exchange—roughly $898 above global prices.
Ethereum is also in the premium game, though at a more modest 0.95%.
This ongoing trend underscores a robust demand in the South Korean market, where the won continues to be a significant player in crypto trades, second only to the U.S. dollar.
On the other side of the world, Coinbase experienced a small premium from August 4 to 28, peaking at just 0.07% on August 22.
However, by August 29, BTC prices on Coinbase had dipped back into the negative, ending a 24-day streak.
This contrast between South Korea and the U.S. highlights the unique dynamics at play, with the stronger and more persistent demand in South Korea driving up local prices.
In a world where volatility is the only constant, South Korea’s Bitcoin premium signals a business environment where local demand can significantly influence pricing, even when global markets waver.
This persistent premium is a clear indicator that some markets have found a way to stay buoyant, or at least remain above the global average.
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