Bitcoin price is currently trading at a substantial premium on South Korean crypto exchanges – more than $6,000 per coin in USD equivalent. However, in the past this so-called “Kimchi Premium” has signaled the end of the bull trend.
Is this a sign that things across the crypto market could soon turn bearish? Or is there something else afoot going on with the US dollar and the South Korean won that is causing the discrepancy?
Bitcoin FOMO Comes To A Boiling Point In South Korea, According To Price Premium
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Bitcoin is an asset unlike anything else in the world before it. There’s no company involved like stocks; no country like fiat currencies; nor does it have a physical form like a commodity.
Because the decentralized cryptocurrency technology is controlled by no state actor, the underlying asset could some day become the first non-sovereign global reserve currency.
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