Bitcoin is now trading near the level of $66000 in South Korea as “Kimchi Premium” made its return. The Kimchi Premium is having its spread between the price of bitcoin on South Korean crypto exchanges and in Western exchanges.
Bitcoin is currently trading near the level of $66000 on Bithumb. It is much whooping an amount that goes near 15% or $9000 higher than the price of bitcoin, about $57000 on Coinbase.
Ether or ETH is also now trading higher at the level of $2350 on Bithumb as compared to the level of $2020 on Coinbase. Kimchi Premium is suggesting the rising demand for bitcoin and Ether in South Korea as the market of crypto continues to soar globally.
Though there is Kimchi Premium, it does not mean that one can buy bitcoin or ether at a very lower price level on a global scale. Also, not one can sell it at a very high price in South Korea. It is because of fact that the Korean crypto exchange does not accept any foreign clients due to their local regulations.
The citizens of Korea also cannot opt for buying cryptocurrencies at a lower price on the global exchange. These exchanges do not opt for supporting the Koreans win. OKEx and Binance are having their local exchanges in Korea. However, both of them have opted for shutting them down recently.
Kimchi Premium first made its appearance in 2016. According to the University of Calgary, this information came to light. Between the years 2016 and 2018, Kimchi Premium was having an average of about 4.80%. It had its higher level near almost 55% in the January of 2018 as per the existing report.
Now it is time to see how progressive it will be for bitcoins in the coming future due to the return of “Kimchi Premium.”