Since mid-April, the Korean bitcoin kimchi premium has been steadily decreasing.
The phenomenon stems from the fact that South Korea's cryptocurrency market is closed to foreign investors, and local investors may be punished for buying large amounts of cryptocurrencies on foreign exchanges to arbitrage. Due to the limited local supply of cryptocurrencies in South Korea, surging demand often leads to widening price gaps.
The drop in the Bitcoin premium coincided with a decrease in trading volume among South Korea's top five cryptocurrency exchanges (Upbit, Bithumb, Coinone, Korbit, and Gopax), which dominate the local market. According to CoinGecko, the five exchanges recorded a combined trading volume of $2 billion in the past 24 hours, compared to a figure reported to be close to $18 billion on March 6.
The Korean bitcoin kimchi premium has been steadily decreasing since mid-April
2024-05-10 10:54:23
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