With Kimchi Primi discounting again in South Korea, trading crypto on South Korean crypto exchanges has become cheaper.
Sensitivity to the crypto industry has come to the fore again with the reduction of Kimchi Premium by South Korea. The phenomenon, named Kimchi from South Korean food, refers to when the price of Bitcoin (BTC) rises.
Crypto Trading on South Korean Exchanges Continues to Get Cheaper
Considering the global crypto markets, crypto trading transactions in South Korea are more expensive than other markets. In light of the data published by CryptoQuant, which shares blockchain data, the Korean Premium index hovers between –0.24 and 0.001 between February 17 and 19. In the past, the value of Kimchi Primi depended on the news. When bad news came from South Korean crypto exchanges, the Kimchi Primi would suffer serious depreciation.
As of writing, BTC is trading at $24,464 on the Coinbase exchange and $24,487 on the Binance exchange. In addition, BTC is traded at $ 24,386 on Bithumb, one of the Korean crypto exchanges, and $ 24,405 on Upbit crypto exchange.
Doo Wan Nam, chief operating officer of venture capital fund Stablenode, attributes the decline in interest from Korean retail investors to the reduction of the Kimchi premium.
https://twitter.com/DooWanNam/status/1627376338104635394
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