On July 25, 2023, Bitcoin and Ethereum demonstrated a negative Kimchi premium, attracting the attention of analysts and traders in the crypto market.
Bitcoin Prices on July 25
On the South Korean exchange Upbit, Bitcoin (BTC) was trading at 162 million KRW, marking a 0.01% increase from the previous day. On Binance, BTC was priced at 163.27 million KRW, resulting in a price gap of -1.27 million KRW.
Kimchi Premium and Altcoins
Ethereum (ETH) also posted a negative Kimchi premium of -0.67%. Other major altcoins reported similar discount rates: Solana (SOL) at -0.49%, XRP (XRP) at -0.67%, Dogecoin (DOGE) at -0.85%, and Shiba Inu (SHIB) at -0.71%. Most top altcoins are currently trading at discounts ranging from -0.4% to -0.8%.
General Trends in the Crypto Market
The Kimchi premium, representing the price difference between South Korean and international markets, has recently shown negative values, which may indicate changes in supply and demand for cryptocurrencies.
The trends in the crypto market on July 25 indicate a decline in prices for Bitcoin and Ethereum, sparking interest among traders and analysts. Negative Kimchi premium values suggest potential changes in market conditions.
