South Korea's Bitcoin Trading Price Shows Premium Over Global Average

According to Odaily, from October 12 to October 20, 2024, data from CryptoQuant indicated that the trading price of Bitcoin (BTC) in South Korea was below the global average. However, after October 20, the price shifted to a premium, reaching 2.21% by October 24. By Halloween (October 31), which marks the 16th anniversary of the Bitcoin whitepaper, the premium on South Korean exchanges stood at 1.93%. Over the years, the BTC trading price in South Korea has generally been higher than the global market, a phenomenon known as the 'Kimchi Premium.' This trend is largely attributed to local regulations and capital controls, as well as strong demand for cryptocurrencies in South Korea. Throughout the year, the South Korean won has been the second-largest fiat currency in BTC trading volume, following the US dollar. Currently, the won ranks fifth in BTC trading pairs, behind USDT, USD, FDUSD, and USDC. The US dollar accounts for 17.75% of BTC trading volume, while the won accounts for 3.99% of today's BTC trading volume. The euro follows the won, accounting for 1.06% of BTC trading volume in the past 24 hours.