Bitcoin Trades at Rare Discount in South Korean Market
A recent report by Kaiko reveals that Bitcoin briefly traded at a 1% discount in the South Korean market last week, marking the second time since September. Historically, Bitcoin has traded at a premium of up to 50% in South Korea due to the country’s unique regulatory framework, which restricts cross-border capital transfers by foreign users. In March 2023, as BTC reached record highs, the “Korean market premium” soared to 10%, before falling back to 1-2% during the summer.
Previous negative “Korean market premiums” have often signaled a rebound in the broader cryptocurrency market. However, the upcoming U.S. election has created an atmosphere of uncertainty in the current market.
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