The Bitcoin (BTC) premium on Upbit spiked again, as the Korean won slid to a 15-year low against the US dollar. Data from Bank of Korea shows local investors rushed into crypto in the second half of the year to offset stock market losses.

The move follows a vote by the South Korean parliament to impeach Han Duck-soo, the prime minister and acting president, just weeks after impeaching President Yoon Suk Yeol. The won slumped a 15-year low against the dollar.

A key metric to gauge the interest in Bitcoin from investors in South Korea has risen this week to a four-month high, as the political turmoil in the East Asian country deepens.

South Korean cryptocurrency entrepreneur Do Kwon will be extradited to the United States from Montenegro over the collapse of two digital tokens - TerraUSD and Luna tokens. For months, the US and South Korea have been seeking Kwon's extradition,

Kwon’s company promised stability for TerraUSD, pegged to the US dollar, but the tokens entered a “death spiral” in 2022, destabilising global crypto markets and eroding investor confidence