Bitcoin is trading near $66,000 in South Korea as ‘Kimchi Premium’ returns

Bitcoin is trading near $66,000 levels in South Korea as "Kimchi Premium" has returned.

Kimchi Premium is the spread between bitcoin’s price on South Korean crypto exchanges and Western exchanges.

Bitcoin is currently trading at around $66,200 on Bithumb, according to TradingView. That is whopping about 15% or $9,000 higher than bitcoin’s price of around $57,000 on Coinbase.

Ether (ETH) is also trading higher at around $2,350 on Bithumb compared to $2,020 on Coinbase, according to TradingView.

The Kimchi Premium suggests rising demand for bitcoin and ether in South Korea as the cryptocurrency market continues to soar worldwide.

The Kimchi Premium first appeared in 2016, according to the University of Calgary. Between 2016 and 2018, the Kimchi Premium averaged nearly 4.80% and was as high as almost 55% in January 2018, per the report.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Join the Discussion

  • BrokerEUR/USD
    ETX Capital 0.6pips (variable) margin: 3.33%
    InterTrader 0.6pips (fixed) margin: 3.33%
  • Back to top