Bitcoin Rises to $68,000 in South Korea on $10,000 Premium

south korea kimchi bitcoin premium reaches 10k april 2021

Bitcoin is close to reaching $70,000 in South Korea while in global markets it is trying to break through $60,000. One bitcoin goes for 76,500,000 Korean Won (KRW) on their biggest local exchange, Bithumb, which handles close to $3 billion a day in crypto volumes. That 76 million KRW is worth $68,000 dollars, while on Coinbase bitcoin’s price is about to reach $59,000. This significant premium in South Korea of about 15% is due to strict capital controls enacted in the country. According to a 2010 report: “There are new restrictions on currency derivatives trades, including non-deliverable currency forwards, cross-currency swaps and forwards. New ceilings have been imposed on domestic banks and branches of foreign banks dealing with foreign exchange (forex) forwards and derivatives. For Korean banks, there will be a limit on currency forwards and derivatives positions at 50% of their equity capital. For foreign banks, the ceilings will…

Read the original article here

IF YOU LIKED THIS ARTICLE CLICK SHARE