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.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

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.

Read also:
Please describe the error