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Kimchi Premium Drives Bitcoin Over $68,000 in South Korea

Published 04/06/2021, 03:55 AM
Updated 04/06/2021, 05:01 AM
Kimchi Premium Drives Bitcoin Over $68,000 in South Korea

  • Bitcoin price in South Korea has surpassed $68,000.
  • Meanwhile, the top crypto is trading at about $59,000 globally.
  • The price difference is due to the Kimchi Premium phenomenon.

South Korea’s Kimchi Premium has struck again. This time the marvel has driven the Bitcoin price over $68,000. In contrast, Bitcoin is currently trading at $59,000 globally.

In fact, based on trading data from Bithumb and Korbit, the BTC/KRW trading pair is sitting at 77,393,000 KRW or $68,853.

Kimchi Premium is the term that describes the price difference between Korean crypto exchanges and exchanges outside the East Asian country. The difference has occurred several times in the past, including during the 2017 crypto boom and the 2018 crash.

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