Bitcoin's price experienced a brief surge, surpassing $70,000 per coin, but later declined due to the movement of Mt Gox bitcoins. However, the premium for bitcoin in South Korea has seen a significant increase. After falling below 1%, the premium on South Korean exchanges has now risen to 2.23%.
The price of Bitcoin (BTC) dropped from a peak of $70,601 on Monday to a low of $67,433 per coin. This decline followed widespread reports of $9.6 billion worth of Mt Gox bitcoins being transferred.
Although the price briefly bounced back above $68,000, it currently remains just below that level. Interestingly, the premium for BTC in South Korea is once again on the rise. When BTC was trading at $68,249 globally, it was priced at $69,775 per coin on Upbit, reflecting a 2.23% premium.
According to current data, the Korean won accounts for 2.12% of BTC settlements, making it the second most popular fiat currency for BTC transactions after the U.S. dollar. Despite the recent increase, the 2.23% premium is still much lower than the 9.54% premium observed when BTC reached $73,794 per coin.
At 12:45 p.m. EDT on Tuesday, BTC's price was approximately $67,800 per coin. Simultaneously, on the South Korean exchange Upbit, BTC was being traded at $69,500 per unit.
What are your thoughts on the resurgence of South Korea's notorious bitcoin premium? Feel free to share your opinions on this matter in the comments section below.