Gate News: On March 23, the Korean won against the US dollar fell to 1,511 won, reaching the lowest level since 2009. The surge in the US dollar drove investors’ risk aversion. However, in the Korean cryptocurrency market, USDT experienced a rare discount, trading at about 1,503 won, nearly 0.5% below the spot exchange rate of the dollar.
Previously, retail investors in Korea often viewed USDT as a substitute for the dollar. During periods of weak won or market panic, they would bid higher than the dollar exchange rate to buy stablecoins. This phenomenon is known as the “Kimchi Premium.” During the market panic in October, USDT premiums once reached as high as 7.47%. But this round of won depreciation, coupled with geopolitical tensions, caused investors to avoid crypto speculation and shift to holding dollars and dollar-denominated assets, leading to USDT discounts.
The Seoul foreign exchange market opened at 1,504.9 won and briefly rose to 1,511.8 won during trading. The blockade of the Strait of Hormuz by Iran pushed up oil prices, increasing inflationary pressure on the won. Foreign investors sold a net 3,357 billion won worth of KOSPI stocks in the morning, triggering the sixth circuit breaker of the year. Geopolitical tensions and stock sell-offs jointly suppressed demand for stablecoins.
The USDT discount reflects that the cryptocurrency market, under current risk-averse conditions, has not been passively driven higher like traditional forex markets. As Trump issued a 48-hour ultimatum regarding the Strait of Hormuz, and Tehran threatened to permanently close the strait, short-term depreciation pressure on the won remains. As a trading tool denominated in won, USDT’s price trend may still face downward pressure.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Trump Announces Israel-Lebanon Ceasefire as Bitcoin Reclaims $75,000
April 17, Bitcoin returned to around $75,000 as U.S. President Trump announced a 10-day ceasefire agreement between Israel and Lebanon, boosting market sentiment. However, a CryptoQuant report shows that the proportion of large deposits has surged to over 40%, suggesting institutions may be preparing to sell. In addition, Bitcoin faces key technical resistance in the $76,000 to $76,800 range, and the market remains cautious about how events will unfold next.
MarketWhisper50m ago
Optimism boosted by the U.S.-Iran ceasefire agreement helps Bitcoin hold steady at 75K
Israel and Lebanon reached a 10-day ceasefire agreement, U.S. stock index benchmarks hit new highs, and market sentiment is optimistic. Bitcoin is hovering around 75K; with capital flowing in, the rally is gradually gaining momentum. Keep an eye on the 78K resistance level.
ChainNewsAbmedia1h ago
Bitcoin Hovers Near $75K as Whales Accumulate 270K BTC Over 30 Days, Largest Since 2013
Bitcoin nears $75,000, driven by significant whale accumulation of 270,000 BTC and low exchange reserves. Despite fluctuations and negative funding rates, it rebounded after geopolitical news, with futures inflows increasing since March.
GateNews4h ago
XRP Trading Volume Surges to $1.81B in Single Session, Holds Above $1.43
XRP trading volume reached $1.81 billion, driven by futures at $1.47 billion and spot trading at $341 million. Currently priced at $1.43, XRP is above the 200-day EMA, signaling bullish momentum and increased market participation.
GateNews7h ago
Dogecoin Holds $0.09 Support as $0.10 Breakout Looms
Dogecoin remains around $0.09, showing limited movement as traders await a clear breakout direction. Key support is at $0.08, with resistance at $0.10. Current technical indicators suggest a balanced market, but a decisive move is needed to shift momentum.
CryptoNewsLand7h ago
