The South Korean won struck the most affordable level versus the dollar given that March 2009.
Dec 27, 2024, 12:22 p.m. UTC
South Koreans are paying a complete 3% more to purchase bitcoin (BTC) than their U.S. equivalents as they look for security from the plunging won, CryptoQuant information reveal.
Priced in won, the biggest cryptocurrency is valued at 145,000,000 ($98,600) on the nation’s biggest crypto exchange, Upbit. That compares to about $96,700 on Coinbase (COIN).
The relocation follows a vote by the South Korean parliament to impeach Han Duck-soo, the prime minister and acting president, simply weeks after impeaching President Yoon Suk Yeol. The won dropped a 15-year low versus the dollar.
“This unfolding legend is essentially about election scams and the disintegration of rely on South Korea’s National Election Commission (NEC),” stated Jeff Park, head of alpha techniques at financial investment supervisor Bitwise, in a post on X. “The usage of impeachment as a political tool, integrated with accusations of foreign election disturbance, highlights the fragility of democracy in the face of disinformation. This is not simply a Korean story; it’s a caution for democracies worldwide.”
James Van Straten
As the senior expert at CoinDesk, concentrating on Bitcoin and the macro environment. Formerly, working as a research study expert at Saidler & & Co., a Swiss hedge fund, presented to on-chain analytics. James focuses on day-to-day tracking of ETFs, area, futures volumes, and streams to comprehend how Bitcoin connects within the monetary system. James holds more than $1,000 worth of bitcoin, MicroStrategy (MSTR) and Semler Scientific (SMLR).
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