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Bitcoin Cash Surges to $3,800 in Korea amid Flurry of Mainstream Media Coverage of Roger Ver

Last Updated March 4, 2021 5:03 PM
Joseph Young
Last Updated March 4, 2021 5:03 PM

Within the South Korean cryptocurrency exchange market, the price of Bitcoin Cash has surpassed $3,800, due to a flurry of mainstream media reports that have emerged over the past few days.

Price of cryptocurrencies on Bithumb, South Korea’s largest cryptocurrency exchange

Mainstream Media

Earlier this week, Roger Ver, an early investor in bitcoin and the CEO at Bitcoin.com, did an interview with SBS (Seoul Broadcasting System), a national South Korean television and radio network company, to discuss the current trend in the cryptocurrency market and the vision of Bitcoin Cash.

SBS featured the interview as a main section of one of its most popular shows that often secures over a million active viewers. Following the initial report of SBS, other mainstream media outlets, especially finance and business-focused news publications, started to cover Bitcoin Cash more actively, ultimately leading the price of the cryptocurrency to surge.

Apart from the mainstream media coverage Bitcoin Cash has been receiving, the entire cryptocurrency market has started to receive more attention from the general public due to the recent success of cryptocurrency exchanges.

This week, SBS and KBS, two of the largest networks and mainstream media outlets in the country, reported that South Korean cryptocurrency exchanges Bithumb, Coinone, and Korbit have started to add more employees than banks and financial institutions in the traditional finance market.

The hiring of a massive number of employees by South Korea’s major cryptocurrency exchanges has given general consumers and investors in the market confidence that the local cryptocurrency market is growing at a rapid rate, even with the strict regulations imposed by the government.

Job security and opportunities are sensitive subjects in South Korea because fresh university graduates have started to struggle in finding decent jobs as companies have started to favor skillful and experienced employees. Hence, if a company or a sector start to hire many employees, the attention of young individuals naturally shift to that particular industry. A similar trend has been shown by the cryptocurrency market.  

High Premium

Consequently, the demand for cryptocurrencies in South Korea has exponentially grown, pushing the premium rates of the South Korean market even further up. Bitcoin Cash is currently being traded in the South Korean market with a $900 premium, or a staggering 30 percent premium, which is the highest its ever been.

The imposition of a cryptocurrency trading ban for foreigners have led to larger premium rates and disparity in the price of major digital assets between South Korea and the rest of the global market.

High premium rates in the South Korean market will likely sustain in the long run, because it is virtually impossible for foreign investors to take advantage of the arbitrage opportunity in South Korea.

Featured image from Shutterstock.