Bitcoin cost has surpassed $12,000 in both South Korea and Japan, two noteworthy bitcoin markets that are responsible for around 74 percent of worldwide bitcoin exchanges.
Bitcoin In South Korea: $12,653
In South Korea, bitcoin is being traded at a premium of over $1,270. Though, not as high as rates provided by ETNs (Exchange Traded Notes) or GTBC (Greyscale Investments), it still significantly expensive to buy bitcoin in South Korea or Japan.
At its peak, bitcoin accomplished an untouched high in South Korea at $12,653, as the worldwide bitcoin cost neared the $11,000 check.
Dealers in South Korea still invest into bitcoin with a high premium despite South Korea being the third biggest bitcoin market because the supply of bitcoin from the local market is low and the demand has increased at an exponential rate in the course of recent months.
Bitcoin In Japan: $11,827
While the premium in Japan isn’t as high as South Korea, it’s still higher than the premium of other countries, such as the US.
At the time of writing, Bitcoin is being exchanged at over $11,500 in Japan, roughly $1,000 higher than that of the worldwide bitcoin normal cost.
As indicated by a few crypto market suppliers including CryptoCompare, the Japanese bitcoin exchange market represents 64 percent of worldwide bitcoin exchanges, almost twice as large as the US. However, the worldwide normal bitcoin cost is often based on the exchange rate in the US, and the cost of bitcoin in Japan is regularly 5 to 8 percent higher than that of the US.
As the biggest bitcoin market, Japan needs to have the highest liquidity and the supply of bitcoin. Subsequently, there should not be a high premium of 5 to 8 percent in the midst of strong rallies, because being the largest market, it should have adequate liquidity and supply to address the developing interest from financial specialists.
For a long time, experts have scrutinized the zero-fee exchanging stages of Japan, and the likelihood of wash or bot trading. It is likely that like China, trading volumes in Japan are swelled, given its high premium rates.