Published On: Thu, May 25th, 2017

Bitcoin Hits $4,000 in South Korea, 44% Above Global Market Price

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The upsurge in demand for Bitcoin in South Korea is causing the cryptocurrency to trade with a considerable premium in the country of 44%.
Bitcoin in South Korea
In the midst of the Bitcoin rally, some countries are seeing more excitement than others. Most notably, Japan which has recently passed a law to recognize Bitcoin as a legal method of payment pushing the popularity of Bitcoin and its trading volumes to new levels within the country.
However, one county which has flown under the radar is also experiencing a considerable growth in the Bitcoin market, South Korea. 
The demand is so strong in the country, that Bitcoin is now trading at a 44% premium. The price is currently sitting at  4,311,720 KRW, worth roughly $3,860, and went to as high as $4,246. Not only that, but Japan is also trading Bitcoin with a premium of 16%, making investors even more bullish about the virtual currency.

Over time, the KRW trading volume has grown continuously and it is now the fourth highest, following that of China’s CNY. In the last 24 hours, exchanges have seen over $234 millions worth of KRW exchange hands in the BTC/KRW market, an impressive amount of money.
Political Turmoil

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