On July 28, South Korean cryptocurrency exchanges reported a negative Kimchi Premium for Bitcoin and several altcoins.
Bitcoin Price on South Korean Exchanges
As of July 28, at 12:00 AM KST, Bitcoin (BTC) was trading at 161.65 million KRW on South Korea’s top crypto exchange Upbit, reflecting a 0.47% increase from the previous day. On Binance, BTC was priced at 163.87 million KRW, resulting in a price gap of -2.22 million KRW and a Kimchi Premium of -1.36%.
Altcoin Market Position
Ethereum (ETH), the leading altcoin, recorded a negative Kimchi Premium of -1.24%. Other major altcoins showed similar discount rates: Solana (SOL) at -1.22%, XRP (XRP) at -1.27%, Dogecoin (DOGE) at -1.23%, and Shiba Inu (SHIB) at -1.15%. Most top altcoins are currently trading at discounts in the -1.1% to -1.3% range.
Overall Insights on Kimchi Premium
The situation with the negative Kimchi Premium indicates current market conditions, where not only Bitcoin but also most altcoins are trading below prices on international exchanges.
Thus, on July 28, Bitcoin and a majority of altcoins experienced pressure, leading to a negative Kimchi Premium, which may impact future market trends.
