Kimchi Premium to the Moon, Hits 4.2%

IconCryptoNewsTerminal Staff04 Jul, 2024

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Kimchi Premium to the Moon, Hits 4.2%

The Kimchi premium, the difference between the price of Bitcoin (BTC) on South Korean exchanges and its price on international exchanges, has hit 4.2%. This is a significant increase from the previous week, when the premium was around 3%. The widening premium suggests that there is strong demand for BTC in South Korea, despite the recent market downturn. On Upbit, the largest South Korean exchange, BTC is currently trading at 82,000,000 KRW. On Binance, the largest international exchange, BTC is trading at 78,686,781 KRW. This means that there is a difference of 3,313,219 KRW between the two exchanges. The Kimchi premium is often attributed to a number of factors, including: High demand for BTC in South Korea Limited supply of BTC on South Korean exchanges * Government regulations that make it difficult to buy BTC on international exchanges The widening Kimchi premium suggests that these factors are still at play, and that there is strong demand for BTC in South Korea.

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