Kimchi Premium, South Korea’s cryptocurrency falls cheaper compared to other crypto prices in the world Bitcoin market. This shift to a lower price point may indicate that the Korean market is already cooling down.
According to Bithumb – South Korea’s leading crypto exchange company – the Bitcoin price in South Korea is at $3,615. It is slightly below the worldwide price average of $3,667 as per CoinMarketCap. Coinone’s pricing is at $3,611 and Upbit’s at $3,652. Kimchi Premium falls an average of 0.50% in the world prices.
The sale could be viewed as a better opportunity for traders to buy, but it could also be stimulating and disadvantageous for other Bitcoin investors to do so. This, especially, if the trend of the market does not change or rise above per its usual.
Ethereum is also being offered on a discounted price of $121.52 – almost 1% less than the global Ethereum prices. Other major cryptocurrencies are spotted providing discounted Bitcoin charges. XRP is currently exchanging for $0.3254, quite less than the $0.3279 worldwide average.
The said decline in prices seems to be part of the long-standing weakening in demand for Korean cryptocurrency. In fact, several reports state that the crypto trading into Korean Won is liable for nearly 50% fall of the entire fiat-crypto volume.
The price fall could also be associated with Bithumb’s promotional events – the ‘Super Airdrop Festival series (1, 2, and 3)’ and ‘Special Gift.’ Also, the enforcement initiatives of South Korea, following the terms and leadership of the Securities and Exchange Commission of the United States also affects the said decline.
As per Bithumb, the Bitcoin traded more than a thousand dollars higher compared to average prices in the global perspective. These figures an opportunity to access the Korean banking industry can create easier prospecting for arbitrage.
In November, at least a 78% Korean trading price decline has been recorded while there was a raised in the volume of other currencies being traded. The Japanese market showcased the highest increase of 28%.
While there was a reported decline in the South Korean markets, the last year’s figures show great contrast compare to January 2019. South Korea traded as higher as 17% than the average global prices.
If this trend continues to hit the South Korean cryptocurrency, it will be challenging for Kimchi Premium to rise and leverage in the worldwide Bitcoin market and competition.