As of 10:12 Tashkent (GMT+5) time on March 9, the value of Bitcoin saw an increase of 11.71%, according to data from the Korean exchange in Uzbekistan, UzNEX. The first cryptocurrency is valued at nearly UZS 931 mn ($74,000).
This price point presents a significant deviation from the rates at which Bitcoin is traded on other exchanges. For instance, the online cryptocurrency exchange service Bitfinex offers Bitcoin at $68,100, while Binance lists it at $68,200.
The South Korean Kobea Group, the founder of UzNEX in Uzbekistan, has been instrumental in this development. When Bitcoin reached a peak of $69,000, the rate on South Korean crypto exchanges soared to ₩ 96 mn ($72,200).
In South Korea, the limited domestic supply of cryptocurrency, coupled with a surge in local demand, often results in elevated prices for cryptocurrencies. Furthermore, the country’s legislation inhibits arbitrage transactions, where investors purchase cryptocurrency abroad and resell it at a higher price in Korea.
In Uzbekistan, access to foreign crypto exchanges is restricted. Transactions can only be conducted on platforms that hold a license in the republic. Consequently, Bitcoin can be officially purchased solely on UzNEX. Crypto shops in the country primarily deal in USDT.
The price of Bitcoin reached a record high of $70,000 on global exchanges on March 8.
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