Bitcoin Dumped And Recovered In South Korea Amid Political Turmoil — An Arbitrage Opportunity That Wasn’t?
Cryptocurrencies traded at big discounts in the South Korean market Tuesday but recovered amid intense political drama in the East Asian nation.
What happened: Major coins like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) sharply fell in value on Upbit, South Korea’s largest cryptocurrency exchange.
Bitcoin plunged as low as $71,800 after President Yoon Suk Yeol imposed martial law in the country, even though it traded around 95,500 on Coinbase, the largest digital assets exchange in the U.S.
Similarly, Ethereum dropped to $2,700 on Upbit while trading over $3,600 on Coinbase.
The Korea Premium Index, which measures the percentage difference between the market prices of Korean exchanges and other exchanges, plummeted to -14.67, according to on-chain analytics firm CryptoQuant, indicating that retail investors were selling at a lower price than the average market price.
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