Bitcoin Kimchi Premium in South Korea goes to Discount

Bitcoin Kimchi Premium in South Korea goes to Discount

South Korea's "Kimchi Premium"-a metric that shows the price difference of crypto of global stock exchanges and those in the Asian nation-went to a discount area for the first time since January 18th.

This indicates that the purchase of digital assets such as Bitcoin on Korean platforms is cheaper than on bony or other leading actors, which normally means that the interest of local users has decreased.

Switching on Discount

The "Kimchi Premium"-a phenomenon that bears the name of a traditional Korean meal-became a discount, which shows a different evaluation of the primary cryptocurrency in local and global trading places.

A Bitcoin is currently traded at around $ 24,655 bithumb and further Data preserver-spaces = "True"> Korbit During the price, and $ 24.850 coin base . The illustration is also lower on upbit ($ 24,700) and coinone (24,648 $).

The analysis platform Cryptoquant showed the fluctuations of the metric in the past month. On most days, the price of BTC on Korean platforms was relatively higher than on those outside the East Asian country, which usually indicates an increased interest of local investors.

Bitcoin: Korea Premium Index, Cryptoquant

If you look at the graphic of recent years, you can find that the "Kimchi Premium" was reduced towards the end of 2020 and early 2021 (when BTC was on a bull run). The metric went to a similar area in November 2022 (when the entire cryptocurrency market trembled due to the decline of FTX).

Bitcoin: Korea Premium Index, Cryptoquant

Binance's return to South Korea

recently reported that the world's largest cryptocurrency exchange wanted to acquire a share of 41.2 % in one of the leading platforms for digital assets in South Korea-Gopax-in order to get back to the local market. The latter hired the company in November due to unfavorable macroeconomic conditions.

reports Binance completed the deal almost two weeks ago, using funds from its Industry Recovery In the amount of $ 1 billion. CEO Changpeng Zhao (CZ) believes that the return of his stock exchange to the region could "rebuild the Korean crypto and blockchain industry".

Yibo Ling-Chief Business Officer at Binance-said that the main goal of the agreement was to form a "fundamental thrust" among domestic consumers and "ensure that all customers who want to take their assets are able to do so.

.