In a recent update from COINOTAG, dated February 3rd, CryptoQuant CEO Ki Young Ju highlighted a significant shift in the Bitcoin market. The renowned expert noted that Bitcoin’s ‘Kimchi Premium’ has surged to an impressive 12%, marking its highest level in three years. This premium, often arising from demand disparities in South Korea, indicates a growing interest in Bitcoin from Korean investors.
However, amid this upward trend, the crypto market has experienced a decrease in prices. Ki Young Ju attributed this decline primarily to the robust performance of the DXY (Dollar Index). A strengthening dollar typically exerts downward pressure on digital currencies like Bitcoin, as it enhances the attractiveness of traditional assets and alters investor sentiment. For market participants, these developments underscore the intricate relationship between fiat strength and crypto valuation, emphasizing the need for strategic positioning in a fluctuating environment.
Source: https://en.coinotag.com/breakingnews/bitcoins-kimchi-premium-soars-to-12-as-dxy-strengthens-says-cryptoquant-ceo/