The South Korean won has reached an unprecedented low against the dollar, falling to levels not seen since March 2009. Amidst this economic uncertainty, South Koreans are currently paying a 3% premium over U.S. prices to purchase Bitcoin (BTC). According to CryptoQuant data, Bitcoin is priced at 145,000,000 won (approximately $98,600) on Upbit, in stark contrast to $96,700 on Coinbase. This surge in the Kimchi premium follows a pivotal vote in the South Korean parliament leading to the impeachment of Prime Minister Han Duck-soo and the earlier impeachment of President Yoon Suk Yeol. Jeff Park from Bitwise highlighted that these events highlight the fragility of democracy in South Korea, as allegations of foreign interference and the usage of impeachment as a political strategy unfold, potentially serving as a cautionary tale for democracies around the world.

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