Kimchi Premium Resurgence: Bitcoin's Premium in South Korea Hits 8.3%
CryptoNewsTerminal Staff05 Aug, 2024
Kimchi Premium Resurgence: Bitcoin's Premium in South Korea Hits 8.3%
Kimchi Premium Resurgence South Korea's Bitcoin (BTC) kimchi premium has surged to 8.3%, indicating a significant price discrepancy between domestic and international exchanges. This premium reflects a heightened demand for BTC within the Korean market, possibly attributed to factors such as political and economic uncertainty. Across Exchanges On the domestic exchange Upbit, BTC is currently trading at approximately 78,300,000 KRW. Conversely, on the international exchange Binance, BTC is priced at 72,283,162 KRW. This price difference translates to a premium of over 6 million KRW. Implications The elevated kimchi premium suggests that Korean investors may perceive BTC as a safe haven asset amidst global economic turmoil. Additionally, it underscores the importance of the Korean market in the global crypto landscape.
