Kimchi Premium Surges to 4.0% as Bitcoin Demand Heats Up in South Korea
CryptoNewsTerminal Staff06 Aug, 2024
Kimchi Premium Surges to 4.0% as Bitcoin Demand Heats Up in South Korea
Kimchi premium, the price difference between Bitcoin (BTC) traded in South Korea and the global average, has reached the highest level since December 2020, hitting 4.0% on Feb. 14, 2023. This indicates a strong demand for BTC in South Korea, despite the recent market correction. The kimchi premium is a measure of the spread between the price of Bitcoin on South Korean exchanges, such as Upbit, and its price on international exchanges, such as Binance. The high kimchi premium suggests that South Korean investors are willing to pay a premium to acquire BTC, possibly due to factors such as regulatory uncertainty or local market conditions. Currently, on Upbit, BTC is trading at 78,643,000 KRW, while on Binance, it is trading at 75,651,068 KRW
