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South Korean investors are returning to markets after weeks of inactivity, data shows. But the kimchi bonus reversed again for the first time in two years, resulting in a small “kimchi bonus” and slightly lower prices for bitcoin (BTC) and altcoin on most major ones. scholarships.
Much has been said earlier this year about the resurgence of the kimchi premium, a phenomenon whereby volume and demand swells so high on South Korean exchanges that prices are climbing higher than the global average on platforms like Binance and Coinbase.
Some more opportunistic people have sought to profit from it – by buying BTC and OTC altcoins in neighboring countries like China and “tossing” the coins on national exchanges for profits of up to 10% or more. . This in turn led the government and customs officials to crack down, imposing massive fines on the offenders they identified.
The premium has since declined. Last month it was only 1%.
But now the tables have turned, albeit cosmetically for now, with BTC retailing for less than a percentage point lower on Upbit only on platforms like Binance and Parbit, by Scolkg data at time of writing. Ethereum (ETH) was trading 0.8% lower than on Binance / Bybit, while the Ripple– Affiliate XRP token traded about 1.2% less in Seoul than elsewhere in the world.
The margin is still small, but the “kimchi bonus” has already reached the same kind of level that led a crypto analyst to turn to Cryptonews.com in 2019 to invent the term in the first place.
News1 media, as good as Seoul Sport and Maeil Kyungjae, reported as retail investors (called by the media “ants”) Resumed trading as prices rose this week – although the advancement of the US infrastructure bill could potentially slow that growth over the weekend.
Dunamu Fear-Greed Index of (Upbit operator) shows that the market is currently in full “greed” – and is heading towards the “very greedy” marker.
And The data of CoinGecko reports that trading volumes at Bithumb exchanges quickly climbed in the space of the week, with the same also true rival platforms like Coinone and Upbit.
However, Bitcoin traders seem less reluctant to move, with one or more altcoins outperforming BTC in volume stakes on both Bithumb and Upbit.
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Learn more:
– Korbit reopens offline customer service center in Seoul’s bustling Gangnam district
– Central bank admits: crypto will be used as an investment tool
– Small South Korean crypto exchanges begin to shut down and suspend services
– South Korean customs officials close the net against “Kimchi Premium” offenders
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