Bitcoin Soars to Record Highs

Well everyone knows BTC hit 70k USDT again, so I'm just gonna skip this part.From my personal connections, people are generally optimistic about a new ATH to even 100k, though there's a few dumps.

Kimchi premium is back

The Korean market, being very active while the national currency KRW is controlled, makes the price sometimes deviate from global prices.Take the sample at 2024-03-05, there's a 5% premium, where

• Upbit BTC/KRW price 93781000 KRW (equivalent to 70,297.7 USD)
• Coinbase BTC/USD price is 66742.52 USD

Kimchi premium was long lasting in the last bull run, which can go as high as 10% in extreme times, but due to FX control and limitations to institutions, it takes a long time to flatten the kimchi premium.

FTX claim exchange rates

FTX claim will be paid in USD, and for those crypto, the price is set well below current market prices

• $16,871 for BTC (now above $60k)
• $1,258 for ETH (now above $3k)
• $16.24 for SOL (now above $100)
• $286 for BNB (now above $400)

FTX’s official liquidator notified creditors to submit electronic claims (website: https://digitalmarketsclaim.pwc.com/) by May 15, 2024. The PwC-managed claims portal is expected to make its first interim distribution in late 2024 or early 2025, with all eligible claims denominated in United States dollars.

USDT reached $100 billion

Tether's (USDT) market cap recently reached an impressive $100 billion. This milestone emphasizes its lead over USD Coin (USDC). Key to this achievement is Tether's stable value and strong financial performance, especially notable in the last quarter of 2023. Tether's growing significance in the crypto ecosystem provides a stable alternative amid the volatility of other digital currencies. As the broader crypto market, including Bitcoin, continues to grow, Tether's prominence highlights its importance and dependability in the digital currency space.

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