On July 30, 2023, South Korea has observed a negative Kimchi Premium on Bitcoin and other cryptocurrencies. We will examine current price levels and market trends.
State of Bitcoin Market in Korea
As of July 30, 2023, Bitcoin (BTC) price on the South Korean exchange Upbit was 162.71 million KRW, reflecting a 0.14% increase from the previous day.
Kimchi Premium and Its Indicators
The price gap between Upbit and Binance was -780,000 KRW, leading to a negative Kimchi Premium of -0.48%. Similar trends are observed in other cryptocurrencies.
Current Situation in the Altcoin Market
Ethereum (ETH) also recorded a negative Kimchi Premium of -0.40%. Other major altcoins showed similar values: Solana (SOL) at -0.33%, XRP at -0.41%, Dogecoin (DOGE) at -0.39%, and Shiba Inu (SHIB) at -0.44%.
Currently, most valuable altcoins are trading at discounts ranging from -0.3% to -0.4%, indicating instability in the South Korean cryptocurrency market.
