Kimchi Premium Continues to Rise, Reaching 5.9%
CryptoNewsTerminal Staff04 Aug, 2024
Kimchi Premium Continues to Rise, Reaching 5.9%
Kimchi Premium, the price difference between Bitcoin (BTC) traded on South Korean exchanges and global exchanges, has surged to 5.9%. As of [date], the price of BTC on Upbit, South Korea's largest cryptocurrency exchange, was 78,849,000 won, while on Binance, a global exchange, it was 74,445,271 won. This represents a difference of 4,403,729 won. The high Kimchi Premium is attributed to several factors, including increased demand for BTC in South Korea and limited supply on domestic exchanges. This premium provides an opportunity for arbitrage traders to profit by buying BTC on global exchanges and selling it on South Korean exchanges. However, it's important to note that the Kimchi Premium can fluctuate rapidly based on market conditions and regulatory changes. Investors should carefully consider the risks associated with arbitrage trading before engaging in such activities.
