Korean Investors Turn to BTC and USDT as Won Slumps to 15-Year Low, Says CryptoQuant CEO

BTC

BTC/USDT

$71,354.77

+3.55%

$71,354.77

+3.55%

(24s)

24h Volume

$17,366,629,629.18

24h H/L

$71,554.95 / $68,531.50

Change: $3,023.45 (4.41%)

Long/Short

65.5%

Long: 65.5%Short: 34.5%

Funding Rate

-0.0023%

Shorts pay

Data provided by COINOTAG DATALive data

Bitcoin

Daily

$71,351.87

▲ 2.98%

Volume (24h): -

Resistance Levels

Resistance 3$79,008.03

Resistance 2$75,548.63

Resistance 1$72,179.52

Price$71,351.87

Support 1$70,589.27

Support 2$67,300.00

Support 3$62,909.86

Pivot (PP):$70,598.27

Trend:Downtrend

RSI (14):35.3

COINOTAG reported on December 27 that the CEO of CryptoQuant, Ki Young Ju, highlighted a significant shift in currency dynamics. The Korean Won to US Dollar exchange rate has plummeted to a 15-year low, prompting South Korean investors to pivot towards cryptocurrencies. In a strategic response to this devaluation, many are converting their Korean Won into BTC (Bitcoin) and USDT (Tether) via Upbit, a leading South Korean exchange. Notably, this transition is occurring at a premium of 3-5%. Such market behaviors underscore the intertwined relationship between fiat stability and crypto investments, as investors seek to safeguard their assets amid fluctuating economic conditions.