BTC Kimchi premium of 5.7% recorded: What does it mean?
CryptoNewsTerminal Staff05 Aug, 2024
BTC Kimchi premium of 5.7% recorded: What does it mean?
BTC registered a kimchi premium of 5.7% on August 16, 2023, indicating that the price of BTC in South Korea was significantly higher than in other global exchanges. This premium is primarily attributed to increased demand for BTC in South Korea, driven by factors such as regulatory uncertainty in other regions and the growing popularity of cryptocurrencies among Korean investors. The kimchi premium has been a recurring phenomenon in the South Korean cryptocurrency market, often influenced by local market dynamics and regulatory factors. It is important to note that while the kimchi premium can provide opportunities for arbitrage trading, it can also expose traders to potential risks associated with market volatility. As of August 16, 2023, the price of BTC on Upbit, a major South Korean exchange, was 76,688,000 won, while on Binance, a global exchange, it was 72,551,604 won, resulting in a difference of 4,136,396 won.
