Bitcoin While winking at its new ATH, $ 68,000 was exceeded last night. While expectations are gathering at the point of exceeding $69,000 in a very short time, GATH has already been exceeded on Upbit, South Korea’s largest cryptocurrency exchange.
Chinese journalist According to Wu Blockchain’s post, Bitcoin hit 96,530,000 won, or $72,000, on Upbit on March 5. This 6% difference between the BTC price on exchanges such as Binance and Coinbase and Upbit was attributed to the kimchi premium.
Kimchi premium only BTC not in price, Ethereum (ETH) It also showed itself in its price. According to this,
“There is a “kimchi bonus” for BTC and ETH trading pairs on Upbit, South Korea’s largest exchange.
The current price of BTC/KRW on Upbit is approximately 96.35 million Korean won, or approximately $72,000, with a 6% kimchi premium on the price difference.
While the ETH price ETH/KRW reached approximately 5.28 million Korean won, 3,956 dollars, it was observed that there was a 7% kimchi premium in the ETH price difference.”
What is Kimchi Bonus?
Kimchi premium; It represents the spread between the Bitcoin price on South Korean exchanges and the Bitcoin price on global exchanges such as Binance and Coinbase.
According to the University of Calgary, the kimchi prime was first seen in early 2016.
Although it brought a decrease in BTC price after similar increases in kimchi premium in recent years, this data is not 100 percent proven data.
At this point, experts commenting on the increase in kimchi premium say that this increase in kimchi premium is related to the increasing purchasing demand of South Korean investors. BTCHe stated that there is an important catalyst such as halving in front of .
*This is not investment advice.
For exclusive news, analysis and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android And iOS Start live price monitoring now by downloading our applications!