Editor's PiCK
Reverse Kimchi Premium Occurs on Upbit with Tether... "Impact of Rising KRW-USD Exchange Rate"
Suehyeon Lee
Summary
- It was reported that a 'reverse Kimchi Premium' phenomenon occurred with Tether on Upbit.
- The main reason was stated to be the KRW-USD exchange rate surpassing the 1430 won mark for the first time in about two years.
- It was reported that the rapid depreciation of the Korean won due to political uncertainty had an impact.
As the KRW-USD exchange rate surpassed the 1430 won mark for the first time in about two years, a 'reverse Kimchi premium' phenomenon occurred on Upbit where the price of Tether (USDT) was lower than the KRW-USD exchange rate.
As of 11:10 AM on the 9th, the price of Tether on Upbit is trading at 1407 won, while the KRW-USD exchange rate is currently at 1,434.80 won.
Meanwhile, the rise in the KRW-USD exchange rate is analyzed to be due to the rapid depreciation of the Korean won amid increasing political uncertainty caused by the 'impeachment situation'.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
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