In recent weeks it has been Japanese demand (and notable premia) that has driven the exponential rise in Bitcoin, but recently, as CoinTelegraph reports, it has been South Korea. Overnight we saw Bitcoin prices explode once again, smashing through $2500, $2600, and $2700 for the first time...
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As CoinTelegraph.com reports, 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).
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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.
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