#kimchi #bitcoin Premium Soars as Political Turmoil Intensifies in South Korea
The South Korean won hit its lowest level against the dollar since March 2009.
South Koreans are paying about 3% more to buy bitcoin than their U.S. counterparts as they seek protection from the falling won, data from CryptoQuant shows.
The top cryptocurrency, priced in won, is valued at 142,203,000 ($96,614) on the country's largest cryptocurrency exchange, Upbit.
The move comes after the South Korean parliament voted to oust Han Duck-soo, the prime minister and acting president, just weeks after ousting President Yoon Suk Yeol. The won fell to its lowest level in 15 years against the dollar.
“This unfolding saga is fundamentally about election fraud and the erosion of trust in South Korea’s National Election Commission (NEC),” Jeff Park, head of alpha strategy at investment manager Bitwise, said in a post on X.
“The use of impeachment as a political tool, combined with accusations of foreign interference in elections, underscores the fragility of democracy in the face of misinformation. This is not just a Korean story; it is a warning to democracies around the world.”