On July 9, 2023, Bitcoin and Ethereum prices on South Korean exchanges show a negative Kimchi premium. This could indicate changes in market dynamics.
Prices of Bitcoin and Ethereum
As of 1:00 AM KST on July 9, Bitcoin (BTC) was trading at 147.95 million KRW on Upbit exchange, down 0.10% from the previous day. On global exchange Binance, BTC was priced at 148.64 million KRW, resulting in a price gap of -690,000 KRW and a Kimchi Premium of -0.47%. Ethereum (ETH), as the leading altcoin, also recorded a similar Kimchi Premium of -0.47%.
Overview of Other Altcoins
Other major altcoins also showed negative premiums: Solana (SOL) at -0.44%, XRP (XRP) at -0.49%, Dogecoin (DOGE) at -0.47%, and Shiba Inu (SHIB) at -0.68%. Most top altcoins are currently trading at a discount in the -0.4% to -0.6% range.
Conclusion
Current Kimchi premium data on cryptocurrencies in South Korea indicates changes in market dynamics, which may influence trading and demand in the future.
The negative Kimchi premium on Bitcoin and Ethereum suggests a trend of price decline on South Korean exchanges and could pose certain challenges for traders.
