Bitcoin trading price in South Korea shows a premium compared to the global average

According to Odaily, from October 12 to 20, 2024, data from CryptoQuant indicated that the trading price of Bitcoin (BTC) in South Korea was lower than the global average. However, after October 20, the price moved to a premium, reaching 2.21% by October 24. On 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 trading price of BTC 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 the strong demand for cryptocurrencies in South Korea. Throughout the year, the South Korean won was the second largest fiat currency in BTC trading volume , after the US dollar. Currently, the won ranks fifth in BTC trading pairs, behind USDT, USD, FDUSD, and USDC. The US dollar represents 17.75% of BTC trading volume, while the won represents 3.99% of BTC trading volume today. The euro trails the won, accounting for 1.06% of BTC trading volume over the past 24 hours.