{"id":73052,"date":"2024-03-07T02:30:22","date_gmt":"2024-03-07T06:30:22","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=73052"},"modified":"2024-03-07T02:31:06","modified_gmt":"2024-03-07T06:31:06","slug":"bitcoin-kimchi-premium-surges-to-two-year-high-in-south-korea","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/bitcoin-kimchi-premium-surges-to-two-year-high-in-south-korea\/","title":{"rendered":"Bitcoin\u00a0Kimchi Premium Surges to Two-Year High in South Korea"},"content":{"rendered":"\n

Bitcoin kimchi premium\u00a0is back on the South Korean market <\/a>as the retail craze returns. BTC ETFs are being considered for adoption in South Korea.<\/p>\n\n\n\n

\"Bitcoin\u00a0Kimchi<\/figure>\n\n\n\n

Following a short decline to $60,000 on Wednesday, Bitcoin (BTC), the largest cryptocurrency in the world, has made a robust recovery.<\/p>\n\n\n\n

The price of Bitcoin (BTC) \r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>has increased by 4% in the last 24 hours, once more surpassing $66,000.<\/p>\n\n\n\n

Bitcoin (BTC) Kimchi Premium Rises 10%<\/h2>\n\n\n\n

Ki Young Ju, CryptoQuant CEO, disclosed in a recent statement that the premium on Bitcoin has surged to a significant 10% in South Korea, the highest level in over two years.<\/p>\n\n\n\n

Ju emphasized the resurgence of Korean retail investors in the cryptocurrency market, which signifies that local traders have regained confidence and interest.<\/p>\n\n\n\n

\"Bitcoin\u00a0Kimchi
Courtesy:\u00a0CryptoQuant<\/figcaption><\/figure>\n\n\n\n

The Kimchi premium denotes the disparity in the valuation of cryptocurrency assets between exchanges based in South Korea and those located abroad.<\/p>\n\n\n\n

Since the start of February, this premium has been on an ascending trend in tandem with the USD price.<\/p>\n\n\n\n

Meanwhile, CryptoQuant on-chain data indicates that the Korea Premium index increased from 5.19 on February 28 to 6.84 on March 5.<\/p>\n\n\n\n

Due to ongoing investments in Bitcoin ETFs in the United States<\/a>, this increase coincided with Bitcoin's March 5th milestone of surpassing $69,200, marking a new all-time high.<\/p>\n\n\n\n

In contrast to the United States, South Korea does not yet have any Bitcoin ETFs in which institutional participation is substantial.<\/p>\n\n\n\n

Consequently, retail spot purchases have been a significant factor in the price increases on Korean exchanges.<\/p>\n\n\n\n

Amid Bitcoin's bullish surge in December 2017, South Korean exchanges traded the cryptocurrency at prices nearly 50% higher than the majority of global exchanges.<\/p>\n\n\n\n

The “significant price disparity from the global average” compelled CoinMarketCap to delist some Korean exchanges.<\/p>\n\n\n\n

In a similar vein, the Kimchi premium peaked at 21.56% on May 19, 2021, coinciding with Bitcoin's price surpassing $36,000, before returning to its previous all-time high in November 2021, during the bull run of 2021.<\/p>\n\n\n\n

South Korea Seeks Approval for a Bitcoin ETF<\/h2>\n\n\n\n

Recognized for its highly tech-savvy population, South Korea is examining the feasibility of approving Bitcoin Spot ETFs.<\/p>\n\n\n\n

According to a recent report, the governor of the Financial Supervisory Service, Lee Bok-hyun, stated in a radio interview that the legalization of Bitcoin Spot ETFs in the country <\/a>is presently under discussion by authorities.<\/p>\n\n\n\n

However, the classification of Bitcoin (BTC) as an underlying asset, continues to be a major concern for South Korean regulators.<\/p>\n\n\n\n

The sale of spot Bitcoin ETFs by brokerages sparked inquiries under the Capital Markets Act, despite financial authorities' January statement that they had no intention to regulate Bitcoin ETFS.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin kimchi premium\u00a0is back on the South Korean market as the retail craze returns. BTC ETFs are being considered for adoption in South Korea. Following a short decline to $60,000 on Wednesday, Bitcoin (BTC), the largest cryptocurrency in the world, has made a robust recovery. The price of Bitcoin (BTC) has increased by 4% in […]<\/p>\n","protected":false},"author":56,"featured_media":68961,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21,83,26],"tags":[5371,5392,1613,1742,13418,1712],"class_list":["post-73052","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-bitcoin-news","category-cryptocurrencies","tag-bitcoin-2","tag-cryptocurrency-2","tag-bitcoin-etf","tag-bitcoin-etfs","tag-kimchi-premium","tag-south-korea"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/01\/South-Korea-cryptocurrency-regulations-1.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/73052","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=73052"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/73052\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/68961"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=73052"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=73052"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=73052"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}