Let the good times roll! Monday marked the return of the kimchi premium in South Korea, after what was clearly a disastrous week for cryptocurrency markets the world over.
The price of Bitcoin in the country is about 8% higher than the global average.
Digital currency values were plagued by red all around ever since the Musk betrayed Bitcoin due to its extreme energy needs. Then came the recycled news from China about a crackdown on crypto trading and mining, and this was enough to wipe off billions from the cryptocurrency markets.
In South Korea, however, crypto assets are once again experiencing a kimchi premium, with Bitcoin and Ethereum both have jumped significantly in value. Exchanges like Korbit and Bithumb both highlight this difference in prices.
BTC is up 10% and ETH has gained 20% during the last 24 hours. Bitcoin global average is $37,700 at the time of this writing, but the original crypto is changing hands at $40,800 per coin over at Bithumb. Over at Korbit, the exchange rate is a bit lower at $40,568 per unit, but still carries the premium.
ETH prices in South Korea also show a slight uptick, as Ether prices are about $100 higher than the global average.
South Korea’s crypto premiums have appeared in 2021 on multiple occasions. And this has caused regulators to look more closely at the crypto economy and ponder stricter digital currency regulations in the country.
The South Korean government, in particular, grew concerned about the kimchi premium after the premium touched a high of more than 18% during the first week of April.
Who would have thought price discrepancies in contrast to global averages would look like this!
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