Data from CryptoQuant shows that South Koreans are paying 3% more to buy bitcoin (BTC) than their American counterparts as they seek protection against the falling won.
Priced in won, the largest cryptocurrency is valued at 145,000,000 ($98,600) on the country’s largest cryptocurrency exchange, Upbit. That compares to around $96,700 on Coinbase (COIN).
The move follows a vote by South Korea’s parliament to remove Han Duck-soo, prime minister and acting president, just weeks after ousting President Yoon Suk Yeol. The won fell to its lowest level in 15 years against the dollar.
“This unfolding saga is fundamentally about election fraud and the erosion of trust in South Korea’s National Election Commission (NEC),” Jeff Park, head of alpha strategies at investment manager Bitwise, said in a statement. a post on from all over the world.
