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Kimchi Premium Crashing After Bitcoin Traded Above $70K in South Korea

Bitcoin’s price exploded to above $70,000, but only in South Korea as the so-called “kimchi premium” went to a yearly high above 20%. However, it has significantly dropped in the past several hours, which could prompt a retracement for BTC, at least according to historical data.
Kimchi Premium Yearly High
Named after a traditional South Korean side dish, “kimchi premium” represents the difference in BTC’s price on local exchanges and everywhere else in the world. Although it might sound logical that bitcoin should trade at the same or similar price in every country, being a global asset, that’s rarely the case when it comes down to South Korea.
CryptoQuant data shows a gap between trading venues located in the East Asian country and other exchanges. As the graph below illustrates, the prices are different quite regularly.
Bitcoin Korea Premium Index. Source: CryptoQuantThe premium continued to escalate in the past few days and reached a yearly high yesterday of over 20%. The reasons behind this discrepancy are complex. Moskovski Capital’s CEO, Lex Moskovski, noted that local regulations enable users to sell BTC only for the Korean won but can’t withdraw in USD. This provides “no arbitraging opportunities to drive down the price.”
Bitcoin Kimchi Premium Yearly High. Source: CryptoQuantThere could be more to the story, though. BTC’s price spiked above $70,000 on the South Korean exchange Upbit, owned and operated by Dunamu. The latter has been rumored to go public on the New York Stock Exchange (NYSE).
These speculations …
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