Is the Kimchi Premium back? Bitcoin spikes in South Korean exchanges

28 Jun, 2019 | Updated: 28 Jun, 2019
by Alberto Arnaldo
News
Is the Kimchi Premium back? Bitcoin spikes in South Korean exchanges

It appears as if South Korean investors are buying the Bitcoin dip over the last hours. As verified by Chepicap, prices are about 8% higher in Seoul-based exchanges Bithumb and Upbit. For some an opportunity to make profit of arbitrage, others are taking out a bullish reading from the situation.

The two graphs below, corresponding to the top traded digital assets at Bithumb and Upbit, show Bitcoin priced at around $12,700 and Ethereum at around $326.

However, as shown by the next chart, which displays Binance data, Bitcoin is currently trading at $11,700 and Ethereum is priced at $302.

Mati Greenspan, senior market analyst at social trading platform eToro, pointed out on his latest market update towards the comeback of a price phenomenon which appears to be recurrent on cryptocurrency markets. With South Korea traditionally accounting for about 10% of all Bitcoin trading, its protagonist role on the sector goes far beyond the country´s size. 

During the crypto frenzy of late 2017, the terms kimchi and sushi premiums were coined for referring to the large differences between South Korean and Japanese crypto exchanges and others located outside of the countries. The large demand for Bitcoin from two of the leading markets appears to be helping to keep Bitcoin´s bull run afloat, as the $12,000 psychological resistance lies close ahead.

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