Ethereum

Bitcoin

Spot

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-and-ethereum-experience-surging-demand-in-south-korea-with-record-high-kimchi-premium" rel="noopener noreferrer nofollow">Bitcoin and Ethereum Experience Surging Demand in South Korea with Record High Kimchi Premium</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/anticipating-the-dawn-of-spot-bitcoin-etfs-in-hong-kong" rel="noopener noreferrer nofollow">Bitcoin</a> has shown remarkable tenacity, rebounding from a dip to $60,000 earlier this week to surpass $65,000. This resurgence syncs with a growing fascination and trust in cryptocurrencies within South Korea. The nation’s Bitcoin Kimchi Premium, an indicator of local investors’ appetite, has soared to a 10% margin, its highest peak in two years.</p>
<h2 id="kimchi-premium-signals-investor-excitement">Kimchi Premium Signals Investor Excitement</h2>
<p style="text-align: justify">CryptoQuant’s CEO, Ki Young Ju, highlighted the recent surge in the Kimchi Premium, signifying a resurgence of activity among South Korean individual investors in the crypto market. This measure reflects the price gap between South Korean exchanges and international counterparts, and its uptick parallels Bitcoin’s price gains since February.</p>
<p style="text-align: justify">According to CryptoQuant, the Kimchi Premium escalated from 5.19 to 6.84 between February 28 and March 5, a period during which Bitcoin hit a record high of over $69,200. The premium’s growth is linked to continuous investments in U.S. spot Bitcoin ETFs, while South Korea’s absence of such ETFs and the resulting spot purchases on local exchanges are pushing prices upwards.</p>
<p style="text-align: justify">Korean exchanges historically exhibit substantial price disparities compared to global markets during Bitcoin rallies. In December 2017, Bitcoin’s South Korean exchange prices were approximately 50% higher than elsewhere, causing CoinMarketCap to exclude these exchanges from its global average. Moreover, in the 2021 bull run, the Kimchi Premium reached a staggering 21.56% on May 19 as Bitcoin prices hovered above $36,000, eventually hitting a record high in November.</p>
<h2 id="debating-spot-etfs-in-south-korea">Debating Spot ETFs in South Korea</h2>
<p style="text-align: justify">South Korean lawmakers are contemplating the legalization of spot ETFs within their jurisdiction, though regulatory hurdles, such as <a href="https://en.bitcoinhaber.net/deciphering-the-future-strategic-insights-on-bitcoin-transaction-costs-and-scalability" rel="noopener noreferrer nofollow">BTC</a>‘s classification as an asset, remain. Despite no immediate regulatory plans for spot Bitcoin ETFs articulated in January, the sale of such ETFs by brokerage firms raises legal questions under the Capital Markets Law.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-and-ethereum-experience-surging-demand-in-south-korea-with-record-high-kimchi-premium" rel="noopener noreferrer nofollow">Bitcoin and Ethereum Experience Surging Demand in South Korea with Record High Kimchi Premium</a></h5>

Bitcoin and Ethereum Experience Surging Demand in South Korea with Record High Kimchi Premium

Table of Contents

BH NEWS

Other articles published on Mar 7, 2024

Zircuit Staking Program Breaks $500M TVL And Adds Ethena Integration (7 Mar)

Interesting Price Action on BONK and Other Solana Memecoins Have Led Investors To Possible 50x on...

Analis Ini Melihat Kesempatan Terakhir untuk Beli XRP Diharga Murah, Dibawah US$1

Jerome Powell: CBDC not on the horizon anytime soon

ETFs propel Bitcoin $100K price target sparks investor Frenzy

DeFi pump-and-dump schemes rake in millions, harm industry credibility

Join our free newsletter for daily crypto updates!