Bitcoin Price $4,500 In South Korea As Uptake Race Continues

South Korean Bitcoin traders are facing asking prices of $4,500 as the virtual currency’s price continues to surge. Order books from domestic exchange Coinone list a current price of 4,254,000 won ($3805), with a 24-hour high of 5,025,000 ($4494).

South Korean Bitcoin traders are facing asking prices of $4,500

The wide spreads are unprecedented

even compared to other recently inflated markets such as Japan, local exchange bitFlyer listing a price of 333,200 yen ($2980). On Coinbase, one Bitcoin is currently selling for $2667.53 as of press time on Thursday. Users have presented various theories as to why South Korea’s exchange market is so varied, these ranging from capital controls to en masse arbitrage and even a “debt-fuelled bubble” economy. Bitcoin itself, meanwhile, is continuing to produce new price highs, flying in the face of those concerned that a new bubble has formed.

Data from CoinMarketCap on Thursday sees another reverse in altcoin fortunes, with only Bitcoin and Ethereum Classic posting gains over the past 24 hours.
                                                                   Data from CoinMarketCap

On the topic of the latter, Barry Silbert is continuing his advocacy, tweeting on Wednesday that his Ethereum Classic Investment Trust “will be donating $390,000 per year to development, marketing & community support for Ethereum Classic (for 3 yrs).”

Chuck Reynolds
Contributor
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