South Korea’s ‘Kimchi Premium’ Returns, BTC Prices Up 8% Higher Than Global A...
As cryptocurrency regulation heats up worldwide, South Korean officials have been increasing regulatory discussions concerning the swelling crypto economy. While digital currency markets like bitcoin have tumbled in value in recent times, global crypto market prices have increased across the board on Monday. In South Korea, crypto-assets like bitcoin are once again experiencing a ‘kimchi premium,’ as the price per bitcoin is 8% higher than the global average. Bithumb and Korbit Bitcoin Exchange Rates Indicate Bitcoin Premiums Are Returning The ‘kimchi premium’ in....
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During the first week of April, South Korea’s ‘kimchi premium’ on domestic cryptocurrency exchanges had jumped over 18%, but then leveled off, equalizing with global exchange rates over the last two weeks. On Monday, as bitcoin prices spiked 8% higher surpassing the $54k zone, in South Korea, the premium on bitcoin climbed 4.56% higher than the most trading platforms worldwide during the last 24 hours. ‘Kimchi Premium’ on Domestic South Korean Exchanges Starts to Rise Again Bitcoin (BTC) and cryptocurrency markets have improved on Monday as the entire....
While a great number of spot exchanges have seen consistent prices in a few select areas in the world, bitcoin is selling for a premium. That’s the case in South Korea right now as there’s a price gap, otherwise known as the ‘kimchi premium’ on domestic South Korean exchanges in comparison to foreign exchanges. Bitcoin, Ethereum, and Bitcoin Cash See Premiums in South Korea Bitcoin prices on domestic South Korean crypto trading platforms are much higher than they are across a majority of exchanges worldwide. For instance, on Tuesday morning (EST) the price per....
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....
Between strict capital controls and regulations, Korea’s cryptocurrency industry is so closed off that Bitcoin commands a steep premium and DeFi is in its infancy. On a day in which Bitcoin crashed briefly to $30,000 in a rampant bear market, the leading cryptocurrency never got anywhere close to that on Korean exchanges. The so-called “kimchi premium” saw to that, keeping the price of Bitcoin as much as $5,000 above its level on leading U.S. exchanges.The major reason for this kimchi premium is that Korea’s exchanges are fairly isolated by a combination of the country’s strict capital....
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....