Bitcoin price dropped as Kimchi Premium disappeared

Bitcoin's price has dropped 2.7% to $ 57,370 in the last 24 hours. It is slightly below the $ 60,000 mark it is currently struggling to maintain. At the same time, Kimchi Premium, the highest price traded Bitcoin in Korea, dropped significantly today. The premium was due to the high demand in Korea and the difficulty of getting in and out of the country. In fact, Bitcoin's price in the country had risen to $ 70,000, but now it's back in line with the rest of the world. It seems like someone has finally figured out how to bargain this top-notch Kimchi opportunity. CryptoQuant Crypto Data CEO Ki Young Ju said that the 30-minute transaction volume on Korea's largest exchange [Upbit] was higher than that of Binance, ”and added:“ This drop seems to be linked to Kimchi's withdrawal. is a method of trading where the asset is sold at a lower price and sells for a higher price. In this case, this means buying Bitcoin outside of Korea and selling it in the Korean market. and how does it work? (2021) According to data from CryptoQuant, the premium has declined from 20% to 11.6% and slightly back to its current value of 14.6%. With the current premium, Bitcoin is still trading in the region around $ 66,000. Premium dropped significantly Image: CryptoQuant Kimchi Premium was produced due to tight capital controls in Korea. It is very difficult to send large amounts of Korean Won abroad, which is the arbitrage opportunity of the transfer. making it difficult for him to take advantage of and convert money to dollars. There are also strict reporting requirements for withdrawing large amounts from the country. However, it is already operated by FTX CEO Sam. Read more

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