Bitcoin Kimchi Premium Lowered by Sudden Sell Off

btc krw upbit april 7 2021

Bitcoin’s premium in South Korea has been reduced by a sudden sell off that significantly affected bitcoin’s price in Korean Won (KRW), but not in USD at the time. It looks like at around 9AM euro time, there was a huge market sell off on Upbit, South Korea’s biggest exchange which handles $20 billion in trading volumes a day. In just one minute, which we have highlighted above, 182 bitcoins were sold, worth $10 million. Another big South Korean exchange likewise showed a significant fall in price while US markets were not affected at the time. Bitcoin’s price in South Korea fell by seven million won at 9AM euro time, from 77 million won to 70 million. That translates to $6,200, however as can be seen above, there was no sharp drop and then some recovery in western exchanges as there was in Korea. That recovery in Korea then gave…

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