隨著韓國因應政治不穩定，比特幣泡菜溢價重返韓國加密貨幣市場

這導致韓元（KRW）貶值和主要加密貨幣的價格上漲。

South Korea is once again experiencing the ‘kimchi premium,’ where the price of Bitcoin (BTC) is trading at a higher premium on South Korean cryptocurrency exchanges compared to global platforms. This premium has resurfaced due to political instability in the country, which has resulted in a weakening Korean won (KRW) and increased demand for cryptocurrencies among South Koreans.

韓國再次經歷“泡菜溢價”，即與全球平台相比，韓國加密貨幣交易所的比特幣 (BTC) 價格處於更高的溢價。由於該國政治不穩定，導致韓元（KRW）貶值以及韓國人對加密貨幣的需求增加，這種溢價重新出現。

According to Ki Young Ju, the CEO of CryptoQuant, the KRW-USD trading pair has reached a 15-year low. This reflects diminishing confidence among South Koreans in their fiat currency due to the country’s economic troubles. The depreciating won has prompted South Koreans to invest in emerging assets like Bitcoin to preserve the purchasing power of their KRW during these times.

CryptoQuant 執行長 Ki Young Ju 表示，韓元兌美元交易對已跌至 15 年來的最低點。這反映出，由於韓國的經濟困難，韓國人對其法定貨幣的信心正在減弱。韓元貶值促使韓國人投資比特幣等新興資產，以便在這段時期維持韓元的購買力。

Ju explained in a post on Medium that South Korean crypto traders are大量 converting KRW into cryptocurrencies like Bitcoin and the USD-pegged stablecoin USDT on the Upbit exchange, where BTC trades at a premium of 3-5%. This price difference is what is commonly referred to as the Bitcoin ‘kimchi premium.’

Ju 在 Medium 上的一篇文章中解釋說，韓國加密貨幣交易者正在 Upbit 交易所將韓元兌換成比特幣和與美元掛鉤的穩定幣 USDT 等加密貨幣，其中 BTC 的交易溢價為 3-5%。這種價格差異就是通常所說的比特幣「泡菜溢價」。

Usually, the kimchi premium arises due to high local demand, increasing regulatory barriers, and limited arbitrage opportunities in South Korea’s cryptocurrency market. However, in this instance, the premium is primarily driven by the weakening KRW due to rising political turmoil in the country.

通常，泡菜溢價的產生是由於韓國加密貨幣市場的本地需求高、監管壁壘增加以及套利機會有限。然而，在這種情況下，溢價主要是由於該國政治動盪加劇而導致韓元貶值。

At the time of writing, Bitcoin is trading in South Korea for 145,000,000 KRW or approximately $98,600, while on a global exchange like Binance, BTC is trading at $95,315. The difference between these platforms highlights the impact of the kimchi premium.

截至撰寫本文時，比特幣在韓國的交易價格為 145,000,000 韓元（約 98,600 美元），而在幣安等全球交易所，比特幣的交易價格為 95,315 美元。這些平台之間的差異凸顯了泡菜溢價的影響。

Rising Political Turmoil Weakens KRW

政治動盪加劇導致韓元貶值

The South Korean won’s decline can be attributed to the ongoing political unrest, which has escalated since December 3. On this date, former president Yoon Suk Yeol, who was later impeached, declared martial law for six hours before reversing the decision. Afterwards, South Korea’s parliament impeached Han Duck-soo, the country’s prime minister and acting president.

韓元的下跌可歸因於自12月3日以來持續升級的政治動盪。隨後，韓國國會彈劾了該國總理兼代總統韓德洙。

These dramatic developments have sent shockwaves through global markets, undermining confidence in South Korea’s democratic institutions and raising fears of the country facing its worst political crisis in decades. The monthly chart below illustrates how the KRW has plunged to its lowest value against the USD since March 2009.

這些戲劇性的事態發展給全球市場帶來了衝擊，削弱了人們對韓國民主制度的信心，並引發了人們對該國面臨數十年來最嚴重政治危機的擔憂。下面的月線圖表顯示了韓元兌美元匯率如何跌至 2009 年 3 月以來的最低水準。

In a separate post on Medium, Jeff Park, head of alpha strategies at investment manager Bitwise, highlighted that South Korea’s political turmoil centers on allegations of election fraud and a loss of trust in the country’s National Election Commission (NEC).

投資管理公司 Bitwise 阿爾法策略主管 Jeff Park 在 Medium 上發表的另一篇文章中強調，韓國政治動盪的核心是選舉舞弊指控和對該國國家選舉委員會 (NEC) 失去信任。

“The use of impeachment as a political tool, combined with allegations of foreign election interference, underscores the fragility of democracy in the face of disinformation,” Park commented. “This is not just a Korean story; it’s a warning for democracies worldwide.”

帕克評論道：“利用彈劾作為政治工具，再加上外國幹預選舉的指控，凸顯了民主在虛假信息面前的脆弱性。” “這不僅僅是一個韓國故事；也是一個故事。”這是對全世界民主國家的警告。

The political unrest in South Korea has sent its cryptocurrency market into a frenzy, leading to record-breaking trading volumes. At press time, BTC trades at $95,315, down 0.2% in the past 24 hours.

韓國的政治動盪導致其加密貨幣市場陷入瘋狂，導致交易量破紀錄。截至發稿，BTC 交易價格為 95,315 美元，過去 24 小時下跌 0.2%。