During the first week of April, South Korea’s ‘kimchi premium’ on domestic cryptocurrency exchanges had jumped over 18%, but then leveled off, equalizing with global exchange rates over the last two weeks. On Monday, as bitcoin prices spiked 8% higher surpassing the $54k zone, in South Korea, the premium on bitcoin climbed 4.56% higher than the most trading platforms worldwide during the last 24 hours.
‘Kimchi Premium’ on Domestic South Korean Exchanges Starts to Rise Again
Bitcoin (BTC) and cryptocurrency markets have improved on Monday as the entire crypto-economy has risen by 3% since yesterday. BTC prices tapped a high of $54k during the early morning trading sessions and BTC currently rests just below the $54k zone at the time of writing.
In addition to the bitcoin price jump, the well known ‘kimchi premium’ in South Korea has returned. Currently, domestic exchanges like Korbit and Bithumb are trading for $3k more than most foreign exchanges.
BTC/KRW chart for Bithumb