On July 12, 2023, Bitcoin and several altcoins exhibited a negative Kimchi Premium, highlighting price differences between regional and global exchanges.
Bitcoin Price
As of 12:00 AM KST on July 12, Bitcoin (BTC) was trading at 158.82 million KRW on South Korea’s Upbit exchange, reflecting a 0.03% increase from the previous day. Meanwhile, on global exchange Binance, BTC was priced at 162.12 million KRW. This results in a price gap of -3.30 million KRW and a Kimchi Premium of -2.04%.
Altcoin Data
Ethereum (ETH), the leading altcoin, showed a negative Kimchi Premium of -2.01%. Other major altcoins also reported similar discounts: Solana (SOL) at -1.92%, XRP (XRP) at -2.17%, Dogecoin (DOGE) at -2.18%, and Shiba Inu (SHIB) at -2.09%. Most top altcoins are currently trading at a discount in the -1.9% to -2.1% range.
Conclusion
The negative Kimchi Premium recorded in South Korea indicates significant price discrepancies between local and global cryptocurrency markets. This may reflect certain economic and market conditions in the region.
Amid price fluctuations in the cryptocurrency space, the negative Kimchi Premium may serve as an indicator of market trends and investor reactions.
