While a great number of spot exchanges have seen consistent prices in a few select areas in the world, bitcoin is selling for a premium. That’s the case in South Korea right now as there’s a price gap, otherwise known as the ‘kimchi premium’ on domestic South Korean exchanges in comparison to foreign exchanges.
Bitcoin, Ethereum, and Bitcoin Cash See Premiums in South Korea
Bitcoin prices on domestic South Korean crypto trading platforms are much higher than they are across a majority of exchanges worldwide. For instance, on Tuesday morning (EST) the price per bitcoin (BTC) has been coasting along at $58,500 per unit. However, in South Korea, BTC prices have a much larger premium than the rest of the world. At the time of publication, the price of BTC on Bithumb is 77,804,000 KRW or $69,423 per unit. That’s a premium of more than 18% higher than the global average.
Exchange rates via the South Korean exchange Bithumb on April 6, 2021.Similarly, the South Korean exchange Korbit is showing the same price range which is 18% higher than the global average. A single BTC is exchanging hands on Korbit for $69,371, a few dollars less than the price on Bithumb. The gap in prices between the rest of the world and South Korea is called the ‘Kimchi premium’ and it was noticeable during the 2017 bull run as well. BTC is not the only crypto asset with a Kimchi premium as a myriad of alternative digital currencies are seeing premiums as well.

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