South Koreans are currently paying a 3% premium over U.S. traders to buy bitcoin, according to CryptoQuant data. This surge in demand comes as the won has hit its lowest level against the U.S. dollar since 2009, following the South Korean parliament’s vote to impeach the acting president. On Upbit, the country’s largest crypto exchange, bitcoin is priced at 145,000,000 won, equivalent to $98,600, compared to about $96,700 on Coinbase. The political turmoil, including the impeachment of President Yoon Suk Yeol and Prime Minister Han Duck-soo, has led to a significant drop in the value of the won. This situation has driven South Koreans to seek refuge in cryptocurrencies, particularly bitcoin, as a hedge against the weakening currency.
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