Skip to main content

South Korea’s ‘Kimchi Premium’ Returns, BTC Prices Up 8% Higher Than Global Average

South Korea's 'Kimchi Premium' Returns, BTC Prices Up 8% Higher Than Global Average

As cryptocurrency regulation heats up worldwide, South Korean officials have been increasing regulatory discussions concerning the swelling crypto economy. While digital currency markets like bitcoin have tumbled in value in recent times, global crypto market prices have increased across the board on Monday. In South Korea, crypto-assets like bitcoin are once again experiencing a ‘kimchi premium,’ as the price per bitcoin is 8% higher than the global average.

Bithumb and Korbit Bitcoin Exchange Rates Indicate Bitcoin Premiums Are Returning

The ‘kimchi premium’ in South Korea has returned, following the market carnage that plagued digital currency prices last week and into the weekend. Global averages show that crypto-assets like bitcoin (BTC) and ethereum (ETH) have jumped significantly in value.

BTC is up 10% and ETH has gained 20% during the last 24 hours. At 8:42 a.m. (EST), bitcoin’s global average tapped a daily high of $38,800 per coin. However, in South Korea, BTC prices are higher than the global average as Korbit and Bithumb highlight the difference.

Currently, the ‘kimchi premium’ in South Korea for BTC is 8% higher as bitcoin’s global average is $37,700 and Bithumb’s BTC spot price is $40,800 per BTC. Korbit’s exchange rate is a bit lower at $40,568 per unit but still carries a premium compared to the global average.

ETH prices in South Korea also show a slight uptick as Bithumb and Korbit exchange rates for ETH is $100 higher than the global average. Bithumb has far more dominance than Korbit, as it commands more than $2.4 billion in 24-hour crypto trade volume. Korbit on the other hand captures $149 million on Monday.

Government Looks Closer at Premiums, A Myriad of Crypto Assets See Price Discrepancies in Contrast to Global Averages

South Korea’s crypto premiums have appeared in 2021 on multiple occasions and this has caused regulators to look more closely at the crypto economy and ponder stricter digital currency regulations. A report from Maeil Kyungjae had shown the South Korean government grew concerned about the ‘kimchi premium,’ after the premium touched a high of more than 18% during the first week of April.

A few other crypto assets besides BTC and ETH are seeing premiums in South Korea. In the country, digital currencies such as XRP, ETC, ADA, EOS, BCH, and DOGE are all trading for higher values in contrast to today’s global averages.

What do you think about the ‘kimchi premium’ in South Korea returning? Let us know what you think about this subject in the comments section below.



from Bitcoin News https://ift.tt/3ufsWWZ
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
Read more

DefiDollar Listing on AscendEX

PRESS RELEASE. AscendEX, formerly BitMax, an industry-leading digital asset trading platform built by Wall Street quant trading veterans, has announced the listing of the DefiDollar Token (DFD) under the pair USDT/DFD on Apr 29 at 1:00 p.m. UTC. DefiDollar is a DeFi lab that aims to bring mass adoption to DeFi with a wide-ranging product suite. The first product offering to go live will be the stablecoin index – DUSD, with ibBTC and optionCoin currently in development. DefiDollar (DUSD) aspires to be a risk-insured stablecoin layer for DeFi. It is designed to provide a safe and stable way for users to hold their assets with DUSD being optimized for peg safety, yield, and diversification. DefiDollar uses DeFi primitives to stay close to the dollar mark. DUSD provides an avenue for diversifying stablecoin holdings to hedge against an event where the underlying stablecoins like Tether or DAI deviate from their peg. DUSD is collateralized by Curve Finance LP tokens. DFD is the n...
Post a Comment
Read more