Bitcoin Price Hits $2,850 in South Korea, Extreme Premium
Bitcoin price reached $2,850 in South Korea on May 23, due to the rapidly rising demand for Bitcoin and other digital currencies such as Ethereum’s Ether (ETH). While arbitrage opportunities in South Korea always existed since the launch of Korbit, Coinone and Coinhumb, the three leading Bitcoin exchanges in the country, the premium rate rarely went past 10 percent. On May 23, the premium rate on South Korean Bitcoin exchanges nearly reached 30 percent, demonstrating a trading value of $2,850 for Bitcoin, while Bitcoin was being traded in the US and China for around $2,100. The driving....
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Is a surging premium in South Korea a top signal or a sign that the Bitcoin rally is only getting started? The price of Bitcoin (BTC) is continuing to range between $56,000 and $60,000, as the so-called "Kimchi premium" is surging to yearly highs.Kimchi premium forms when Bitcoin is trading at a higher price in South Korea over other major markets like the United States.In 2017, the Kimchi premium surpassed 20%, causing Bitcoin to trade at around $24,000 in South Korea while it topped at nearly $20,000 in the U.S.Korea Premium Index. Source: CryptoQuant.comLast week, on March 29, this....
South Korea's Kimchi premium collapsed overnight, but it is likely not a sign of a short-term Bitcoin top. The so-called Kimchi premium, which measures the premium of the Bitcoin (BTC) price in South Korea's cryptocurrency exchange market, plummeted overnight.The premium declined from 22% to 15% within a matter of hours on April 7, and it is continuing to drop across major South Korean exchanges.BTC Korea Premium index. Source CryptoQuantA big pullback in South Korea's Bitcoin marketOvernight, as CryptoQuant CEO Ki Young Ju noted, the price of Bitcoin fell particularly hard on South Korean....
Demand for Bitcoin in South Korea is heating up as the country's BTC premium rises over 5%. The "Kimchi premium" is back. Bitcoin (BTC) is trading more than 6% higher across major South Korean crypto exchanges as of March 29.Data from CryptoQuant shows that the premium in the South Korean market was nonexistent for many months and, in fact, dropped to around -6% in early February when BTC dipped below $30,000.The so-called Kimchi premium forms when the price of Bitcoin trades higher on South Korean exchanges than other markets.The return of this premium is a bullish sign suggesting that....
Japan and South Korea, the third and fourth largest bitcoin exchange markets, have seen premium prices ever since the launch of local bitcoin exchanges and markets. Analysts suggest that such arbitrage opportunities exist in Asia’s largest bitcoin exchange markets due to the two countries’ strict Anti-Money Laundering (AML) policies. Ever since the launch of major bitcoin exchange backed by some of the country’s largest multi-billion dollar conglomerates, the South Korean bitcoin exchange market has demonstrated a premium rate of around 15 percent in comparison to other major markets such....
The so-called “Kimchi premium,” or bitcoin price difference in South Korea, has hit 15 percent.