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

BTC

BTC/USDT

$63,427.98

+1.28%

$63,427.98

+1.28%

(24s)

24h Volume

$11,236,793,858.53

24h H/L

$63,777.00 / $62,316.44

Change: $1,460.56 (2.34%)

Long/Short

65.6%

Long: 65.6%Short: 34.4%

Funding Rate

-0.0004%

Shorts pay

Data provided by COINOTAG DATALive data

Bitcoin

Daily

$63,466.60

▼ -0.12%

Volume (24h): -

Resistance Levels

Resistance 3$68,191.60

Resistance 2$65,602.82

Resistance 1$64,069.86

Price$63,466.60

Support 1$62,987.12

Support 2$61,402.97

Support 3$59,130.91

Pivot (PP):$63,521.25

Trend:Downtrend

RSI (14):37.2

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.