CandleFocus Bitcoin trades at discount in Korea destroying historical ‘Kimchi Premium’
2024-10-17
Author: Content Editor
Bitcoin is currently trading at a discount on South Korean exchanges, with a negative premium of -0.74%. This reversal of the traditional "kimchi premium" indicates a bearish outlook among South Korean investors. The discrepancy is attributed to subdued investor sentiment in South Korea and higher demand for virtual assets on foreign platforms. Additionally, a shift in trader preferences towards altcoins is diverting attention away from Bitcoin. The decline in Bitcoin-Korean won trading volume and the struggles of the altcoin market due to new regulations are also contributing factors. Analysts expect the negative premium to be temporary, and discussions about legislation to permit corporate investments in virtual assets could help resolve the discrepancy. Overall, these trading conditions indicate significant shifts within South Korea's crypto market, which may ultimately lead to a more balanced and mature market.
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