That's a shift from prior years, when South Korea’s regulatory framework, which limits cross-border capital transfers for foreigners, led to a “kimchi premium.'' BTC traded at over 20% higher at one point last year. shauryamalwa and JPRubin23 report
), the second-largest crypto by market cap, fell on even harder times, tumbling almost 7% to change hands just above $3,200.
Meanwhile, U.S. equity markets fell, with the Nasdaq off 2.2%, following the release of minutes from the Federal Reserve's March meeting in which governors discussed raising interest rates in half-point increments. Fed Chair Jerome Powell last weekthe possibility of a half-point hike as a way to tamp down inflation, which at nearly 8% has hit a four-decade high and could potentially increase as the conflict in Ukraine rages, sabotaging energy prices and global supply chains.
The U.S. and other countries that have criticized Russia's aggression took steps to impose full sanctions against Russia's largest financial services companies, including Sberbank, the country's largest financial institution. The countries had previously only imposed partial sanctions on the companies. Sberbank, which holds about one-third of Russia's assets, will now lack any contact with the U.S. banking system.
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