According to the CoinNess market monitoring, after 10:20 PM KST, BTC experienced a sudden drop of over 5% in the KRW market on Upbit. During the same period, the drop in the BTC price on the Binance USDT market was around 1%. The kimchi premium also fell momentarily to -6%. Similar situations occurred with XRP, where the drop in the KRW market exceeded the global average drop. The community is analyzing that the recent BTC plunge was caused by selling pressure in the domestic market. Comparing the Upbit KRW market and the Binance USDT market, BTC is currently trading 1.32% cheaper on Upbit, resulting in a 'reverse kimchi premium'.
BTC, Upbit Won Market Just Now Global Average 5x Drop
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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