O bitcoin (BTC) is being negotiated close to US$ 75 mil in South Korea, according to the “Kimchi award” Returns.
“Kimchi Prize” is the difference between the price of bitcoin in South Korean brokerages and Western brokerages.
At the moment, bitcoin is being traded at almost US$ 75 mil on Bithumb, according to TradingView. That’s a difference of 30% or $ 18,000 more than the bitcoin price of about US$ 57,4 mil on Coinbase.
Ether (ETH) also has a higher value of around US$ 2,6 mil at Bithumb compared to US$ 2.040 on Coinbase, according to TradingView.
The Kimchi prize suggests an increasing demand for bitcoin and ether in South Korea as the cryptocurrency market continues to skyrocket around the world.
Although there is a Kimchi Prize, this does not mean that someone can buy bitcoin or ether at a lower price globally and sell it at a higher price in South Korea. This is because South Korean crypto brokers do not accept foreign customers on account of local regulations.
South Korean citizens also cannot buy cryptocurrencies at lower prices from global brokers because these platforms do not support the Korean won. Binance e OKEx they had local brokers, but recently closed their activities.
The Kimchi award came in 2016, according to University of Calgary. Between 2016 and 2018, the Kimchi prize averaged almost 4.80%, whose record 55% happened in January 2018, according to the survey.
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