Kimchi Premium Soars 17% as South Korea’s Crypto Market Turns Bullish

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Since March’s extreme volatility, Bitcoin price action has been far more stable. The major cryptocurrency has continued to hover around the $57,000 to $58,000 price level, seeing minimal fluctuations with the Bitcoin Volatility Index sitting at 3.21%. In South Korea, however, the resurgence of the local crypto scene and tightening regulations have led Bitcoin prices to surge to 77,661,000 won, or 69,300 dollars on Bithumb. Bitcoin’s current all-time high is $61,500 — which is nearly 12% less than current prices in South Korea. If you were to buy Bitcoin from Bithumb at current prices, you would have to pay $11,000 more per coin. Why is this? Bitcoin (BTC) / South Korean Won on Bithumb. Source: Tradingview.com Kimchi Premium Soars with Renewed Local Demand Enter Kimchi Premium. The Kimchi Premium, which is currently at 16.83%, represents the spread in Bitcoin price between South Korean exchanges and global exchanges. There are several…

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