Kimchi Premium on Bitcoin & Ethereum Aiming for 15

CRYPTONAIRE LYWEEK

CRYPTO investment journal

Kimchi Premium on Bitcoin & Ethereum Aiming for 15%

This creates a large feedback loop for overall prices, says Zhu Su, CEO at Three Arrows Capital.

Kimchi premium continues to rise and over the weekend, it hit a yearly high.

Kimchi premium occurs when the price of an asset on the South Korean exchange is higher than other crypto exchanges.

It was earlier this year that the cryptocurrency market started seeing the Korean premium make its reappearance, which was popular in 2017. As we have reported, the premium on both BTC and ETH has been uptrending.

The Kimchi premium on Bitcoin is currently making its way to 15%, the same as Ether ETH 2.42% and XRP 38.84% . Zhu Su, CEO at Three Arrows Capital said,

“Think folks are underestimating the reawakening of Korean demand for cryptoassets. Premiums are over 10% now but can easily go to 100% given that it’s even harder to arbitrage than last time. This, in turn, creates a large feedback loop for overall prices.”

While during the last bull run, South Koreans were much more involved in the crypto market, this time, the volume on Korean crypto exchanges is under 2% of the global crypto volume. Read more...

CRYPTONAIRE LYWEEK

CRYPTO investment journal