Follow Us

Header Ad

Latest Posts

Categories

“Kimchi premium” for bitcoin in South Korea decreased to 9%, but then recovered to 15%


Overpayment on crypto exchanges in South Korea relative to global values ​​has more than halved along with the decline in the price of bitcoin. Soon the so-called “kimchi premium” resumed to 15%.

According to The Block analyst Larry Cermak, the kimchi premium dropped from 23% to 14% within 5 hours, and the drop from 17% to 9% took 10 minutes.

At the time of writing, bitcoin is traded on the South Korean crypto exchange Bithumb at $ 65,500. Thus, the “kimchi premium” has resumed to 15%.

BTC / KRW daily chart of Bithumb exchange from TradingView.

The price of the first cryptocurrency on overseas trading platforms is $ 57,000, according to CoinGecko.

The “Kimchi premium” on Ethereum has exceeded 14%. At the time of writing, the price of the second cryptocurrency in terms of capitalization is $ 2024 on foreign exchanges and $ 2311 on South Korean ones in terms of US dollars.

The arbitrageurs cannot take advantage of the prevailing price discrepancy. According to The Block, bitcoin exchanges in South Korea are prohibited from opening accounts for foreign citizens, and foreign platforms do not support the first cryptocurrency paired with won.

The publication, citing a study by the University of Calgary, noted that from 2016 to 2018, the “kimchi premium” averaged 4.8%. At the maximum, the indicator reached almost 55%.

As a reminder, on April 5, 2021, the price of the first cryptocurrency on the South Korean exchanges reached $ 66,500 in local currency. Kimchi Premium exceeded 15%.

In 2019, ForkLog wrote that Bitcoin traded 3-5% higher in Asian countries than in other markets.

Subscribe to ForkLog news on Telegram: ForkLog Feed – the entire news feed, ForkLog – the most important news, infographics and opinions.

Found a mistake in the text? Select it and press CTRL + ENTER



Fidenge Pecold

My profession is a journalist, but my hobby for 8 years has been studying Forex investing and trading. During this time, I managed to gain extensive experience in investing and trading cryptocurrencies and double my capital in the Forex market. To be the author of this magazine, the site owners invited me to participate in one of the 2020 trading webinars, and I will try to reveal the most relevant crypto market news for you.

    Leave Your Comment

    Your email address will not be published.*

    Forgot Password