On July 10, the South Korean cryptocurrency market noted a decrease in Kimchi Premium for Bitcoin and other major altcoins.
Bitcoin Status and Kimchi Premium
As of 12:00 AM KST on July 10, Bitcoin (BTC) was trading at 148.34 million KRW on the Upbit exchange, up 0.03% from the previous day. On global exchange Binance, BTC was priced at 149.92 million KRW, resulting in a price gap of -1.58 million KRW and a Kimchi Premium of -1.05%.
Negative Premiums on Altcoins
Ethereum (ETH), the leading altcoin, recorded a Kimchi Premium of -0.95%. Other major altcoins also showed negative premiums: Solana (SOL) at -1.02%, XRP (XRP) at -1.06%, Dogecoin (DOGE) at -1.08%, and Shiba Inu (SHIB) at -0.95%. Most top altcoins are currently trading at a discount in the -0.9% to -1.0% range.
Market Trends
The negative Kimchi Premium is an indicator of current market conditions in South Korea, where cryptocurrencies usually trade at higher prices than on international exchanges. However, recent data suggests that assets in the country are now valued below global prices.
The negative Kimchi Premium on Bitcoin and altcoins indicates a shift in sentiment in the South Korean cryptocurrency market, highlighting the need for careful analysis of future trends.
