随着韩国应对政治不稳定，比特币泡菜溢价重返韩国加密货币市场

这导致韩元（KRW）贬值和主要加密货币的价格上涨。

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.

韩国再次经历“泡菜溢价”，即与全球平台相比，韩国加密货币交易所的比特币 (BTC) 价格处于更高的溢价。由于该国政治不稳定，导致韩元（KRW）贬值以及韩国人对加密货币的需求增加，这种溢价重新出现。

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 首席执行官 Ki Young Ju 表示，韩元兑美元交易对已跌至 15 年来的最低点。这反映出，由于韩国的经济困难，韩国人对其法定货币的信心正在减弱。韩元贬值促使韩国人投资比特币等新兴资产，以在这段时期保持韩元的购买力。

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 上的一篇文章中解释说，韩国加密货币交易者正在 Upbit 交易所将韩元兑换成比特币和与美元挂钩的稳定币 USDT 等加密货币，其中 BTC 的交易溢价为 3-5%。这种价格差异就是通常所说的比特币“泡菜溢价”。

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，泡菜溢价的产生是由于韩国加密货币市场的本地需求高、监管壁垒增加以及套利机会有限。然而，在这种情况下，溢价主要是由于该国政治动荡加剧而导致韩元贬值。

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.

截至撰写本文时，比特币在韩国的交易价格为 145,000,000 韩元（约合 98,600 美元），而在币安等全球交易所，比特币的交易价格为 95,315 美元。这些平台之间的差异凸显了泡菜溢价的影响。

Rising Political Turmoil Weakens KRW

政治动荡加剧导致韩元贬值

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.

韩元的下跌可归因于自12月3日以来持续升级的政治动荡。当天，后来被弹劾的前总统尹锡烈宣布戒严6个小时，然后又撤销了这一决定。随后，韩国国会弹劾了该国总理兼代总统韩德洙。

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.

这些戏剧性的事态发展给全球市场带来了冲击，削弱了人们对韩国民主制度的信心，并引发了人们对该国面临数十年来最严重政治危机的担忧。下面的月度图表显示了韩元兑美元汇率如何跌至 2009 年 3 月以来的最低水平。

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).

投资管理公司 Bitwise 阿尔法策略主管杰夫·帕克 (Jeff Park) 在 Medium 上发表的另一篇文章中强调，韩国政治动荡的核心是选举舞弊指控和对该国国家选举委员会 (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.”

帕克评论道：“利用弹劾作为政治工具，再加上外国干预选举的指控，凸显了民主在虚假信息面前的脆弱性。” “这不仅仅是一个韩国故事；这是一个故事。”这是对全世界民主国家的警告。”

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.

韩国的政治动荡导致其加密货币市场陷入疯狂，导致交易量破纪录。截至发稿，BTC 交易价格为 95,315 美元，过去 24 小时下跌 0.2%。