Bitcoin lost ground after Upbit suspended KRW deposits and withdrawals.
Bitcoin is drawing the highest "kimchi premium" in three years, indicating retail frenzy in South Korea.
The premium measures the spread between bitcoin's price on Korean exchanges and other venues.
Bitcoin's price premiums on South Korean exchanges have returned amid the latest bitcoin bull market.
The spread between the price of bitcoin on South Korean and U.S. exchanges reached as high as $1,000 this weekend, a sign market inconsistencies are returning with price action.