In South Korea, Bitcoin (BTC) is 10.32% more expensive than everywhere else
The Korean "kimchi award" has broken through the 10.32% mark, according to CryptoQuant. This happened immediately after the price of the first cryptocurrency set a new price record.
On March 5, when bitcoin broke through the $69 thousand mark and updated the historical maximum, the "kimchi premium" reached 10.32%. On Korean crypto exchanges, the value of the cryptocurrency exceeded 96 million won (more than $ 72 thousand).
The "Kimchi Award" is a term referring to the difference in value between digital assets in South Korea and other countries. It occurs when the value of a token on Korean exchanges rises above global spot prices due to the activity of local investors. More often than not, the growing "kimchi premium" indicates an overheated market.
Local regulators do not allow citizens of the country to trade on foreign crypto exchanges. The same applies to foreigners — they cannot carry out any operations on South Korean sites. Due to such rules, the prices of cryptocurrencies in won in dollar terms may differ significantly from the exchange rate on global crypto platforms.
On average, the "kimchi premium" on South Korean exchanges is 4.8%. During the bull market in 2017, the indicator peaked at 55%.
