Ethereum surged 15% to a new historical record, trading over $ 1,800 in South Korea

Ethereum surged 15% to a new historical record, trading over $ 1,800 in South Korea

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The price of Ether, the native crypto-currency of Ethereum, jumped by more than 15% overnight. new historical record at $ 1,266.

New historical record at $ 1,266

Four days ago, on January 4th, CCN reported that the price of the ether had reached a new record high of $ 1,000, surpassing the $ 1,000 for the first time in two years . The market value of Ethereum has exceeded 100 billion dollars, becoming the third cryptocurrency to do outside of Bitcoin and Ripple.

Only four days later, on January 8, Ether showed another significant increase in value, reaching $ 1,266 on all global markets such as Binance and Bittrex.

The latest Ether rally was conducted by the South Korean market and major cryptocurrency exchanges, including Bithumb, Korbit and Coinone. In the South Korean global market, the Ether price has exceeded $ 1,800, demonstrating a $ 534 premium over the world average price. That is to say, a premium of 29.6% compared to the global average price of Ether.

On Bithumb, the Seoul Cryptocurrency Exchange that recently became the second largest trading platform behind Binance, Ethereum is the third most traded cryptocurrency with a daily trading volume of 378 million of dollars.

No specific event or movement has resulted in the … increase in the price of the ether during the last days. Ethereum's transaction volume and development activity have been rising in general, as the Ethereum network currently regulates more than 1.2 million transactions per day. The increase in user activity on the Ethereum network could have led to rising Ether prices in the short term.

But, given the sharp increase in demand in the South Korean market, it is likely that FOMO or fear or lack of training have caused the recent surge in prices d & # 39; Ether. by FOMO.

A minor factor that may have also triggered an increase in demand for Ether is the increasing adoption of decentralized applications like CryptoKitties and EtherDelta that have demonstrated the potential of Ethereum in the peer-to-peer digital asset trading.

Arbitration? Think again

Although the price of cryptocurrencies on the South Korean market is significantly higher than the global average rates, foreigners can not take advantage of the arbitrage opportunity in the Southeast market. Korean for several reasons:

1. Investors need mobile phone numbers to register in South Korean markets. South Korean telecoms do not issue (even prepaid SIM cards) to people without Korean citizenship, residence visa or work visa.
2. Investors need bank accounts. But banks do not open a bank account for foreigners without a residence or work visa. Banks also make it difficult to open accounts for citizens, due to the recent crackdown on offshore bank accounts and fraudulent bank accounts by governments.
3. The South Korean government has banned foreigners and minor investors from investing in cryptocurrencies. South Korean cryptocurrency exchanges can not accept foreigners on their trading platforms.

In conclusion, the prices of cryptocurrencies on the South Korean market are high because of the control of capital. The South Korean market is isolated from the world market and foreigners are not allowed. Conversely, South Korean traders can not open accounts abroad without proper paperwork.

Image from Shutterstock to photo

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