Bitcoin prices are up in South Korea this month.
The so-called Kimchi Premium — when bitcoin costs more on Korean exchanges — is back as retail investors pile back into the coin. Bloomberg First reported The news, and CoinGecko’s data, show that the price of bitcoin is almost 1% higher at Upbit, Korea’s largest exchange, than Binance.
The phenomenon is named after the popular Korean dish. It’s a result of the market in Korea being partially walled. The prices have always been higher in Korea due to the strong retail demand and strict trading regulations.
In South Korea, Bitcoin/Won is used more often than Bitcoin/U.S. Dollar pair is more common in some places. Demand for assets will always be higher when compared with other countries.
It has been called a FOMO retail indicator in Korea, where there are few noteworthy crypto funds. Capital controls also exist. This premium could reach as high as 21,5% by 2022.
Bitcoin recently trading The price of $78,287 has not changed in the last 24 hours. Since the beginning of the month, it has also risen 24%.
After the U.S. Treasury’s August announcement, the price of digital assets has started to surge. said It would double its buybacks to support liquidity. Although the announcement has hurt the dollar, non-yielding currencies like gold and bitcoin have gained.
Donald Trump said The long-awaited Crypto Clarity Act The bill was important and we urged our legislators to push it through.
The crypto industry has been asking for a clear set of rules to distinguish between digital assets and commodities, or stablecoins that can be used as payment. News that the regulators are soon going to have a similar framework, usually benefits crypto markets.
Some speculators have now placed bets on Polymarket that the probability of bitcoin reaching $82,500 is 59%.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: bitcoinmagazine.com
