South Korea’s ‘Kimchi Premium’ Bitcoin Reappears, Korbit and Bithumb Trading Volumes Rise – Bitcoin Planet Markets & Prices
In the first week of April, South Korea’s ‘kimchi premium’ on domestic cryptocurrency exchanges jumped more than 18%, but then leveled off, leveling off with rates global exchange rates over the past two weeks. On Monday, as bitcoin prices climbed 8% past the $54,000 zone, in South Korea the premium on bitcoin climbed 4.56% against most trading platforms globally. in the last 24 hours.
‘Kimchi Premium’ on South Korean domestic exchanges starts to rise again
Bitcoin (BTC) and cryptocurrency markets have improved Monday as the entire crypto economy is up 3% since yesterday. BTC prices hit a high of $54,000 during the early morning trading sessions and BTC currently rests just below the $54,000 area at the time of writing.
In addition to the surge in bitcoin prices, the well-known “premium kimchi” in South Korea is back. Currently, domestic exchanges like Korbit and Bithumb are trading for $3,000 more than most foreign exchanges.
Data shows that Bithumb BTC/KRW spot market volumes are up 13.2% today and a single bitcoin is trading for prices between $56,345 and $56,727 or between 625,970,000 and 663,040,431 won. It’s a 4.56% gap along with the “kimchi bounty” and on Bithumb, a number of other popular crypto assets are also seeing bounties. ETHe.g. trade for $100 more per ether on national exchanges. While XRP only has a premium of $0.10 on Bithumb at the time of writing.
South Korean crypto trading platform Korbit has similar premiums, corn BTC prices are a bit lower than current Bithumb BTC prices. ETH price and XRP prices on Korbit are relatively the same, showing a much smaller ‘kimchi premium’ on these crypto assets than BTC‘s higher premium. Korbit’s collective trade volume for each trading pair is well over $100 million, but Bithumb, on the other hand, has a reported trade volume of $2.3 billion today.
Weekend trading volume increased by 28%
Overall, analysts are positive on BTCThe rise in price, in general, as the weekend and Monday trading sessions showed that bitcoin bulls don’t give up so easily. In a note to Bitcoin.com News, Fxpro Senior Financial Analyst Alex Kuptsikevich explained that overall trading volumes increased over the weekend.
“The weekend showed that the crypto market in general and Bitcoin in particular is not ready to give up,” Kuptsikevich said. “Market participants were waiting for the results over the weekend to see how the retail sector would react. cryptocurrency as the asset began to be bought by investors who were waiting for a discount.
The analyst added:
Another bright spot is that with the price rebound, trading volume also increased by 28%, adding to the positive sentiment. A rebound in the stock market could be a supporting factor for the crypto market in general.
Statistics further show that the South Korean won accounts for almost 2% of the BTCworld trade volume today and the won is BTCthe sixth highest trading pair. Over the weekend, volumes on South Korean exchanges also saw a strong increase and on Monday BTC the surge in prices fueled volumes on domestic platforms across the country.
The recent bounty on South Korean exchanges follows the country’s regulatory decision to investigate bounty and foreign investors taking advantage of arbitrage.
What do you think of the “kimchi bounty” on South Korean national stock exchanges? Let us know what you think about this topic in the comments section below.
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