Bitcoin’s “Kimchi Premium” Hits 15 Percent
The so-called “Kimchi premium,” or bitcoin price difference in South Korea, has hit 15 percent.With TradingView reporting a $57,000 BTC price for U.S.-based exchange Coinbase and a $66,000 for South Korea’s Bithumb at the time of this writing, the Kimchi premium, or difference between the bitcoin price on Western exchanges and South Korean exchanges, has reached 15 percent. With a name derived from the popular South Korean dish, the Kimchi premium was first identified in 2016, according to a research report from the University of Calgary. Though the current 15 percent premium is notable,....
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Bitcoin is trading at 12.5% higher in South Korea than in other markets, while gold prices climb to quarterly highs. Bitcoin (BTC) was trading at $5,000 higher in South Korea than in other markets on Wednesday as capital flow controls continue to enforce the “kimchi premium.” While Bitcoin was trading at $39,932 on Coinbase at the time of publication, the price on the Korea-based Bithumb exchange stood at $45,115.According to a recent Bank of America statement, the kimchi premium is a result of capital flow controls aimed at stopping the cross-border transfer of “hot money,” reports....
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