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Bitcoin and Ethereum Trade with Negative Kimchi Premium on South Korean Exchanges

Bitcoin and Ethereum Trade with Negative Kimchi Premium on South Korean Exchanges

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by Giorgi Kostiuk

2 hours ago

On July 21, 2023, Bitcoin and leading altcoins such as Ethereum recorded a negative Kimchi Premium on South Korean exchanges.

Bitcoin and Its Current Price

As of midnight KST on July 21, Bitcoin (BTC) was trading at 161.41 million KRW on Upbit, reflecting a 0.04% decline from the previous day. On global exchange Binance, BTC was priced at 164.78 million KRW, resulting in a price difference of -3.37 million KRW and a Kimchi Premium of -2.05%.

Negative Kimchi Premium on Ethereum and Other Altcoins

Ethereum (ETH), the leading altcoin, also posted a negative Kimchi Premium of -2.06%. Other major altcoins followed suit: Solana (SOL) at -2.00%, XRP (XRP) at -2.05%, Dogecoin (DOGE) at -1.99%, and Shiba Inu (SHIB) at -2.39%.

Current Market Conditions for Altcoins

Most top altcoins are currently trading at a discount of approximately -1.9% to -2.3%, indicating negative market trends.

Thus, the negative Kimchi Premium observed in the South Korean market reflects the current situation for both Bitcoin and other altcoins.

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