The recent announcement from the Federal Open Market Committee (FOMC) has sent shockwaves through asset markets, leading to a significant downturn across various sectors. Bitcoin’s price has plummeted to approximately $93,000, while the performance of alt coins has been even more dismal. This sharp correction in the market, however, appears to be attracting new investors, as evidenced by a 3 percentage point increase in the share of short-term holders (STH) under three months within just one week. Notably, there has been a remarkable surge in the Korean premium, which has reached a local high of 5.12, indicating a strong demand for Bitcoin among South Korean investors.
Written by joohyun ryu