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Bitcoin Trades with 223 Kimchi Premium in South Korea

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by Filippo Romano

5 months ago

Bitcoin continues to exhibit a notable price disparity in South Korea, with local exchanges reflecting a significant premium over global markets. This trend highlights the ongoing phenomenon known as the 'kimchi premium,' which has been a characteristic feature of the South Korean cryptocurrency market. Based on the data provided in the document, it is clear that this premium has persisted despite fluctuations in the global market.

Bitcoin Price Update

As of November 10, Bitcoin was trading at 15,341 million KRW on Upbit, marking a 0.57% increase from the previous day. In stark contrast, the price on the global exchange Binance was recorded at 15,006 million KRW, creating a price gap of 335 million KRW. This difference translates to a kimchi premium of 223, underscoring the unique market dynamics in South Korea.

Other Cryptocurrencies in South Korea

Additionally, other cryptocurrencies such as

  • Ethereum
  • Solana
  • XRP
have also been observed to trade at significant premiums in the region. This trend raises questions about the factors driving such disparities, including local demand, regulatory environment, and market sentiment among South Korean investors.

The recent Coinbase report highlights the October selloff as a necessary reset for the cryptocurrency market, contrasting with the ongoing 'kimchi premium' observed in South Korea. For more details, see read more.

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