Bitcoin Kimchi Premium hits 3-year high as Asia market down
The Bitcoin Kimchi Premium index has reached a three -year summit due to economic factors such as the US Fort Dollar or the fears of world war.
Bitcoin Kimchi Premium increased at a peak of 11.9% of three years. The premium represents the price difference between Bitcoin (BTC) in South Korea and in the rest of the world.
The increase suggests that there is a solid domestic demand for assets even if prices fall worldwide.
Even if the BTC price fell to $ 93,900, the South Korean traders pay a significant increase.
At the same time, a high index of the US dollar added downward pressure on the price of the BTC in the world in the middle of a massive sale of Trump-Tariff on the Asian markets.
Cryptocurrency The CEO Ki Young Ju thinks that the rise of the BTC “Kimchi Premium” is not attributed to Korean traders entering to buy the dive; On the contrary, BTC is converted to USD instead of Korean Won. This suggests that relatively few Koreans take the BTC for their Fiat, and similar models can be played on other markets.
Asian markets collapse
On February 1, Donald Trump imposed prices as part of his protectionist measures to protect the national industries through taxes and restrictions on foreign goods. Trump imposed 25% prices on imports from Mexico and Canada and 10% tariffs on Chinese products. The prices should come into force at 12:01 p.m. on Tuesday.
About The platformThe Hong Kong Hang Seng index fell 2.07%, while all other Asian indices – including the Japan Nikkei 225 index – reached more than 2.27%. The South Korea Kospi index fell 2.87%, and the weighted index of Taiwan dropped by 3.74%. Indian stock contracts are also decreasing with the price impact.
To explain the current situation which takes place on the Asian stock market, Daniel Yan wrote on X on February 3 that he was “another typical wealthy Monday”. The big sale reflects the vulnerability of Asia to Protectionism policies By the United States and increasing concerns about global economic instability, Yan believes.
Protectionism, in the form of prices and quotas, has a long pedigree of the Smoot-hawley price act from 1930 which exacerbated the great depression.
The broader assignment of the market coincides with the crypto market crash, with more $ 2 billion In the liquidations on exchanges, the biggest event of a day in history.
However, analysts such as Ansem are positive that the stock market and cryptography market would revive if Trump’s diplomatic discussions with Canada and Mexico on prices do not go “horribly false“.
Another analyst, Smart Money Asia, sharp On January 23, that Trump’s current decree aims to regulate the crypto but does not provide traders with plans for an American BTC reserve, which was on hold For a while. It also highlighted the way in which the central bank of Japan increased rates to 0.5% to combat inflation, its higher in 17 years. According to him, the actions of the BTC and the technology remain a powerful potential coverage against inflation on the Asia market, but it suggests to investors practice caution as the bruising market of the BTC matures.
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