Crypto Fever Moving Worldwide: Bitcoin Available at Discounted Price in South Korea
A shift in the BItcoin or crypto trading is happening worldwide. Countries that have been dominating this space has been gradually reducing in numbers while countries like Peru, Venezuela, Brazil, Colombia among others are seeing a surge in Bitcoin transaction volume.
It’s been ten years since Bitcoin first came into existence. And up until one of the biggest exchanges’ hacks like Coincheck happened, South Korea has played an important role in Bitcoin and crypto trading.
Known for having a strong inclination towards crypto, the last year didn’t see much action coming from South Korea. And now, “Kimchi Premium” (the gap in crypto prices in South Korean exchanges compared to foreign exchanges which are predominantly seen in bitcoin price) just might be turning into a discount. Looks like, Korean markets are cooling down when it comes to cryptos as crypto prices on Korean exchanges drop below the worldwide average.
If we take a look at one of the biggest exchanges of South Korea, Bithumb, it is currently reporting $3,588 according to Coinmarketcap data. Meanwhile, Ethereum is trading at $119 and XRP at $0.3209. On UPbit, XRP is at $0.3199 and Ethereum at $118. Meanwhile, $3,600 or above is the price of Bitcoin on a number of exchanges and $0.3219 or more for XRP.
The November’s report of CryptoCompare states, the trading in November dropped off considerably in South Korea. The Monthly Trading Volume by Jurisdiction covering top 10 countries from the December report further puts things into perspective,
As for Bitcoin to fiat trading volume,
“In December, 57% of all of Bitcoin trading into fiat was made up of the USD Dollar, while trading into the Korean Won decreased significantly since the previous month. Proportionally, Bitcoin trading into the USD and JPY increased 14% and 43.4% respectively since November.”
The reason for the decline in crypto trading could be in part attributed to the actions taken by South Korean authorities after the hacks and to make the market more secure for players. However, this data brings the point home that cryptocurrencies are no longer concentrated in a few regions or countries.
If we take a look at the Bitcoin trading volume on LocalBitcoins, a peer to peer exchange, Venezuela, Peru, and Colombia are seeing a surge. Though the numbers in itself are small, the fact that countries like Venezuela where people are living on less than a dollar per day due to hyperinflation make it a big deal.
These numbers put forward by LongHash signifies that crypto fever has now moved on to different parts of the world and is no longer limited to a select few countries.