Cryptocurrencies

Bitcoin in South Korea shows 1.15% discount

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Bitcoin (CRYPTO:BTC) in South Korea recently experienced its largest discount since October 2023, according to recent data from CryptoQuant.

On September 23, BTC was trading at a 0.55% discount compared to the global average, a rare occurrence given South Korea’s usual premium due to high demand and strict capital controls.

By September 25, the discount widened to 1.15%, the steepest since last year, before rebounding to a 0.57% premium the following day.

South Korean exchanges, particularly Upbit and Bithumb, often display price differences for Bitcoin compared to global markets, primarily due to local supply constraints.

As of September 30, Upbit recorded a premium of 0.60%.

South Korea's limited cryptocurrency supply and high demand, combined with strict capital controls, contribute to these fluctuations.

For example, Upbit offers significantly fewer coins than international exchanges like Binance, which lists 425, and Bybit, with 662, while Upbit carries only 215 and Bithumb 299.

Earlier this year, on March 15, Bitcoin in South Korea saw a premium as high as 10.88%, just after Bitcoin reached $73,737 globally.

These price discrepancies are not uncommon in South Korea’s market, where crypto demand often outpaces supply.

Despite the recent volatility, Bitcoin has been struggling overall.

By the end of September, Bitcoin had dropped 4% against the U.S. dollar over the past 24 hours, pulling its weekly performance to a 0.5% loss.

As of September 29, BTC hovered around $66,000, but it struggled to remain above the $63,000 mark by the start of the following week.

At the time of reporting, the Bitcoin price was $63,517.15.

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