👉👉👉 Fiat Woes and Inflation Cause #Bitcoin Price to Skyrocket in These Nations
Bitcoin's price surge has been remarkable across various regions, particularly in areas grappling with significant fiat currency devaluation. Notably, Turkey and South Korea have seen notable shifts in Bitcoin prices and market dynamics.
In Turkey, where Bitcoin prices were 1.3% higher than global averages in July, inflation surged to nearly 70% by January. This coincided with a steep decline in the Turkish Lira, which lost over 40% of its value against the US dollar over the past year.
Turkish Finance Minister Mehmet Simsek warned of persistent inflation, while the government moved closer to finalizing crypto regulations. Additionally, OKX's launch of a platform tailored for Turkish clients, offering Turkish Lira #trading pairs for Bitcoin and #Ethereum , was seen as a positive step. However, authorities may seek to curb foreign investment in local crypto exchanges due to concerns about money laundering.
Meanwhile, South Korea has experienced the phenomenon of the "Kimchi premium," fueled by strict regulations limiting forex flows into the crypto market. This has led to Bitcoin trading at a premium, reflecting strong local demand.
Foreigners are prohibited from investing in local exchanges, and locals cannot engage in arbitrage trading to exploit the premium. The Kimchi premium has historically coincided with Bitcoin market tops, highlighting its significance. BeInCrypto reached out to Bithumb for comment on the Kimchi surge but did not receive a response by publication time.
Source - beincrypto.com
