CandleFocus Bitcoin Briefly Trades at 1% Discount in South Korea Again: Kaiko Report
2024-10-31
Author: Content Editor
Last week, cryptocurrency market data provider Kaiko reported that Bitcoin (BTC) was trading at a 1% discount in the South Korean market. This decline, known as the 'Kimchi Discount,' is in contrast to the more common 'Kimchi Premium,' where Bitcoin trades at a higher price in South Korean exchanges than the rest of the world. The Kimchi Premium is usually attributed to high demand in South Korea due to regulations that restrict cross-border buying and selling. The premium reached 10% in March before settling at 1-2% during the summer. The recent decline may indicate a waning demand for Bitcoin in the region or a temporary liquidity crunch. Factors that could contribute to the decline include increased regulatory measures and market fluctuations. The future of the Kimchi Premium remains uncertain, but the discount suggests ongoing changes in the South Korean crypto market.
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