The return of a previously well-known phenomenon to Bitcoin this week continues to excite traders as Bitcoin price pushes above $5250.
Return Of The ‘Kimchi Premium’
Spotted online by social media traders, the so-called ‘Kimchi Premium’ – a surcharge on the Bitcoin price specifically impacting South Korean investors – is making a comeback on local cryptocurrency exchanges.
BTC/USD 00 shot up over $1300 last week to hit a local high of $5330. After a slight reversal, momentum reappeared to take the pair above $5000 and hold it in an area around $5200 ever since.
This, while delighting many who are eager to call a definitive ‘bottom’ in bitcoin price, has led to uneven spreads across exchanges.
As Bitcoinist reported, it was China that led the trend this month, with the country’s traders paying extra for acquiring stablecoin Tether (USDT), their main entry point into Bitcoin and other cryptocurrencies in a highly restricted market.
South Korea’s Kimchi Premium, which presents as a markup on Bitcoin price…