Won's Decline Affects Bitcoin Prices on Local Exchanges

The Korean economy has been affected by the recent depreciation of the won, leading to a ripple effect in the cryptocurrency market. According to data from Trading View, Bitcoin's price on Upbit has declined by 10.78% since the 17th, whereas on Binance it has fallen by 13.11%. This difference in decline rates is due to the relative rise in Bitcoin's nominal value based on the won.

The won's depreciation against the dollar was 4.72% as of the 28th, making it the largest among major countries. The combined market capitalization of USDT and USDC has also seen a significant decline, falling by $1.9 billion in two weeks due to continuous outflows of funds from stablecoins.