Bitcoin Hits $66,000 in Korea due to Kimchi Premium
Main page News, Bitcoin, South Korea

The price of the largest cryptocurrency on the market has soared to $66,000 in South Korea due to a phenomenon known as Kimchi Premium.

Kimchi Premium is a phenomenon that results in the price of BTC being higher on South Korean crypto trading platforms than on Western ones.

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Thus, while Bitcoin is trading at around $57,700 according to CoinMarketCap, its price is more than $9,000 higher in South Korea. For example, the price of BTC is as high as $66,200 on South Korean exchange Bithumb, according to TradingView, which is 15% higher than on US platform Coinbase.

Moreover, Bitcoin seems not to be the only currency affected by this phenomenon, as Ether is trading at around $2,350 on Bithumb, while its price on Coinbase is $2,020.

According to the University of Calgary, Kimchi Premium first appeared in 2016.

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