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HomeCrypto NewsMarketBitcoin Records Retail Boom in South Korea As Price Premium Tops 10%

Bitcoin Records Retail Boom in South Korea As Price Premium Tops 10%

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Bitcoin (BTC) price is seeing a major rally in South Korea as showcased by the coin’s price premium hitting 10% in the country.

Bitcoin has continued to command investor interest in South Korea. As detailed by CryptoQuant’s Founder and CEO Ki Young Ju, Bitcoin’s price premium in South Korea is now at a 2-year high, having surged to 10%.

The Price Premium, known as the Kimchi Premium or the Korea Premium Index, marks the difference between the value of Bitcoin on global exchanges and on exchanges in South Korea.

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Strong Retail Presence

South Korea is historically known to command high liquidity owing to retail cash injection. Per the Kimchi Premium data on CryptoQuant, the last value is pegged at 5.61% as of the last value, down from the 10% recorded earlier as showcased by Ki Young Ju.

The Kimchi Premium has been on a steady rise since January 24 when the reading was pegged at 2.58 with the price of Bitcoin hovering at $40,080.

From here, the value increased to 2.76 as the price jumped to $43,077 on February 1. This figure even soared further to 4.88 as the coin’s price jumped to $62,413.

As of March 5, the price of Bitcoin jumped briefly to 96,734,000 South Korean Won valued at $72,504, a surge that eventually left the price at a 6.84 premium. With institutional investment in South Korea relatively lowerl, the boost in Bitcoin’s liquidity is reportedly fueled by sustained retail domination.

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Bitcoin is Just Getting Started

Despite the US leading the spot Bitcoin ETF liquidity flow, the influence of American cash injection is driving the need for new strategies by investors in other countries.

With the fast-growing level of adoption and the likelihood of state-backed bodies like Arizona State’s two retirement bodies exploring Bitcoin exposure, the surge of the asset to its All-Time High (ATH) might just be a warm-up to the mega rally that many market experts have projected.

LKi Young Ju highlighted earlier that should there be a need for any correction, it is unlikely that BTC will fall below $46,376, its price when the spot Bitcoin ETF products went live in January.

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Godfrey Benjamin
Godfrey Benjaminhttps://thecryptobasic.com/
Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web3.0. His love for crypto was birthed when as a former banker, he discovered the obvious advantaged of decentralized money over traditional payments. With his vast experience covering different aspects of Web3, Godfrey's articles has been featured on Blockchain News, Cryptonews Com, and Coingape amongst others. When not writing contents related to crypto, you can find him playing video games.

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