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Bitcoin and Altcoins Show Negative Kimchi Premium

Bitcoin and Altcoins Show Negative Kimchi Premium

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by Giorgi Kostiuk

3 hours ago

On July 11, 2023, a negative Kimchi Premium is observed for Bitcoin and major altcoins on South Korean exchanges, indicating a price decline.

Decline in Bitcoin Price

As of 12:00 AM KST on July 11, Bitcoin (BTC) was trading at 151.15 million KRW on Upbit, down 0.01% from the previous day.

Kimchi Premium Rates

On global exchange Binance, BTC was priced at 152.81 million KRW, resulting in a price gap of -1.66 million KRW and a Kimchi Premium of -1.09%.

Situation in the Altcoin Market

Ethereum (ETH), the leading altcoin, recorded a Kimchi Premium of -1.00%. Other major altcoins also showed negative premiums: Solana (SOL) at -0.97%, XRP (XRP) at -1.10%, Dogecoin (DOGE) at -0.99%, and Shiba Inu (SHIB) at -1.29%. Most top altcoins are currently trading at a discount in the -0.9% to -1.2% range.

Thus, the current situation in South Korean markets reflects a decline in prices for Bitcoin and altcoins, which may indicate overall trends in demand for cryptocurrency.

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