Bitcoin diperdagangkan pada $ 78.850 di Korea Selatan
We have already written that the Kimchi Premium is growing in South Korea. However, this is not the only country where there is an imbalance between the price of bitcoin on local and world exchanges
In South Korea, the situation has worsened since 2017. The reason for the kimchi is bureaucratic red tape, strict regulation and taxation. Because of this, the volume of bitcoin trading for 4 years decreased from 7.9% to 2%.
Due to the closed financial system of this country, Koreans can only trade on local exchanges. Therefore, it is not surprising that on Upbit BTC costs 68-71 thousand dollars, and on other platforms - even more.
A similar situation is also observed on the African continent. For example, Nigeria currently ranks third in the world in terms of cryptocurrency transactions. Only the United States and Russia are ahead of it.
According to Paxful, the monthly volume of cryptocurrency arbitration in Nigeria is $65 million.
А temporary ban on trading in Nigeria was introduced in 2017. It was cancelled later. But, banks were banned from servicing cryptocurrency accounts in 2021.
Because of this, the price of bitcoin on the local Luno exchange increased by 30-60%. There were days when the value of bitcoin in Nigeria was $80,000. You can read more about the situation in this country in our recent article.
Kimchi Premium does not benefit the cryptocurrency system. It is a destabilizing factor, and also brings a lot of inconvenience to the rest of the cryptosphere.
Recently, the analytics platform CoinMarketCap was forced to temporarily exclude South Korean exchanges from tracking. Their inflated figures prevented them from obtaining real data on the global average price of bitcoin.
You can get more information, register and start trading on Kraken.
The article has an informational character, reflects the opinion of the author. Before you make a decision, analyze the market situation.