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Wednesday, May 24, 2017

Bitcoin Price Hits $2,850 in South Korea, Extreme Premium

Bitcoin Price Hits $2,850 in South Korea, Extreme Premium

Bitcoin price reached $2,850 in South Korea on May 23, due to the rapidly rising demand for Bitcoin and other digital currencies such as Ethereum’s Ether (ETH).

While arbitrage opportunities in South Korea always existed since the launch of Korbit, Coinone and Coinhumb, the three leading Bitcoin exchanges in the country, the premium rate rarely went past 10 percent.

On May 23, the premium rate on South Korean Bitcoin exchanges nearly reached 30 percent, demonstrating a trading value of $2,850 for Bitcoin, while Bitcoin was being traded in the US and China for around $2,100.

The driving factor of this massive arbitrage opportunity and premium rate in South Korea is the country’s strict anti-money laundering policies. In South Korea, any type of gambling is illegal and because a large amount of black money consisted of revenues from overseas casinos and other businesses are sent back to South Korea on a regular basis. Authorities are strict on any transactions which goes past $10,000 in total value.

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