The price of Bitcoin (BTC) on South Korean exchanges rose to $72,000 due to the ‘kimchi’ premium.
Bitcoin was listed on Upbit, South Korea’s largest exchange, on March 5. 96,530,000 won ($72,000) saw. Binance And coinbase This occurs between exchanges like Upbit and 6% price The difference was attributed to the kimchi premium.
On the other hand, a similar situation occurred for Ethereum (ETH). ETH/KRW parity a 7% premium by reaching the rate 5.28 million Korean won ($3,956) climbed to the level.
Kimchi premium; It represents the spread between the Bitcoin price in South Korean exchanges and the Bitcoin price in global exchanges. Kimchi premium, according to the University of Calgary first time in early 2016 had been seen
Investors in the country, when they will trade on the stock exchanges BTC/KRW They use parity. Foreign exchanges that are not licensed by the regulator cannot support the KRW parity. This creates a difference between the South Korean market and the global market.
In recent years, the increase in kimchi premium falls However, this did not always have the same effect. Some experts say that this increase in kimchi premium Increasing purchasing demand from South Korean investors tied up.