{"id":460479,"date":"2021-04-05T20:00:39","date_gmt":"2021-04-05T20:00:39","guid":{"rendered":"https:\/\/wncen.com\/?p=460479"},"modified":"2024-06-11T14:14:35","modified_gmt":"2024-06-11T14:14:35","slug":"bitcoin-korea-kimchi-premium-2021","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-korea-kimchi-premium-2021\/","title":{"rendered":"Why The Return Of The Kimchi Premium Doesn’t Bode Well For Bitcoin"},"content":{"rendered":"

Bitcoin price<\/a> is currently trading at a substantial premium on South Korean crypto exchanges \u2013 more than $6,000 per coin in USD equivalent. However, in the past this so-called “Kimchi Premium” has signaled the end of the bull trend.<\/p>\n

Is this a sign that things \u00a0across the crypto market could soon turn bearish? Or is there something else afoot going on with the US dollar and the South Korean won that is causing the discrepancy?<\/p>\n

Bitcoin FOMO Comes To A Boiling Point In South Korea, According To Price Premium<\/h2>\n

Bitcoin is an asset<\/a> unlike anything else in the world before it. There’s no company involved like stocks; no country like fiat currencies; nor does it have a physical form like a commodity.<\/p>\n

Because the decentralized cryptocurrency technology is controlled by no state actor, the underlying asset could some day become the first non-sovereign global reserve currency.<\/p>\n

Related Reading | Mathematical Mystery: Why Did The Bitcoin Rally Stop At The Golden Ratio?<\/a><\/strong><\/em><\/p>\n

The crypto market like these other assets, however, also trades globally, and is subject to deviations in price data depending on how aggressive one region’s currency is being exchange to buy up BTC.<\/p>\n

Once again, crypto FOMO has taken hold in the country of South Korea, resulting in the return of something called the “Kimchi Premium<\/a>.”<\/p>\n

\"bitcoin<\/p>\n

The Kimchi Premium has Bitcoin priced nearly $6,000 higher in South Korea | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
The Return Of The Kimchi Premium Could Spell Danger For The Ongoing Crypto Bull Run<\/h2>\n
The chart above demonstrates the sizable deviation between BTCUSD and BTCKRW<\/a>. The discrepancy is roughly $6,000 USD currency and climbing. The crypto community has dubbed this unusual phenomenon the “Kimchi Premium.”<\/p>\n
Related Reading | Heads Up: Bearish Bitcoin Technical Pattern Shouldn\u2019t Be Shrugged Off<\/a><\/strong><\/em><\/p>\n
It isn’t clear what’s causing such FOMO amongst South Korean investors, but the so-called premium hasn’t been around since the last week of 2017.<\/p>\n
\"bitcoin<\/p>\n
The last time the Kimchi Premium was so prominent, it was the peak of the last bull market. | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Zooming out, the last time the Kimchi Premium moved away from the standard BTCUSD ticker priced in dollars, that was the grand finale for the previous bull market.<\/p>\n
While the USD trading pair made lower highs, the KRW trading pair made another higher high before together falling into the 2018 bear market<\/a>. Thus far, the premium has never been used as a signal to take action, as historically, it hasn’t appeared often enough to take action on.<\/p>\n
But its existence is undeniable, nor what came after the two country’s Bitcoin price tickers separated by this much in the past. Whatever the case may be, the Kimchi Premium should be something to pay close attention to for the near future.<\/p>\n
Featured image from Deposit Photos, Charts from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price is currently trading at a substantial premium on South Korean crypto exchanges \u2013 more than $6,000 per coin in USD equivalent. However, in the past this so-called “Kimchi Premium” has signaled the end of the bull trend. Is this a sign that things \u00a0across the crypto market could soon turn bearish? Or is there something else afoot going on with the US dollar and the South Korean won that is causing the discrepancy? Bitcoin FOMO Comes To A Boiling Point In South Korea, According To Price Premium Bitcoin is an asset unlike anything else in the world before it. There’s no company involved like stocks; no country like fiat currencies; nor does it have a physical form like a commodity. Because the decentralized cryptocurrency technology is controlled by no state actor, the underlying asset could some day become the first non-sovereign global reserve currency. Related Reading | Mathematical Mystery: Why Did The Bitcoin Rally Stop At The Golden Ratio? The crypto market like these other assets, however, also trades globally, and is subject to deviations in price data depending on how aggressive one region’s currency is being exchange to buy up BTC. Once again, crypto FOMO has taken hold in the country of South Korea, resulting in the return of something called the “Kimchi Premium.” The Kimchi Premium has Bitcoin priced nearly $6,000 higher in South Korea | Source: BTCUSD on TradingView.com The Return Of The Kimchi Premium Could Spell Danger For The Ongoing Crypto Bull Run The chart above demonstrates the sizable deviation between BTCUSD and BTCKRW. The discrepancy is roughly $6,000 USD currency and climbing. The crypto community has dubbed this unusual phenomenon the “Kimchi Premium.” Related Reading | Heads Up: Bearish Bitcoin Technical Pattern Shouldn\u2019t Be Shrugged Off It isn’t clear what’s causing such FOMO amongst South Korean investors, but the so-called premium hasn’t been around since the last week of 2017. The last time the Kimchi Premium was so prominent, it was the peak of the last bull market. | Source: BTCUSD on TradingView.com Zooming out, the last time the Kimchi Premium moved away from the standard BTCUSD ticker priced in dollars, that was the grand finale for the previous bull market. While the USD trading pair made lower highs, the KRW trading pair made another higher high before together falling into the 2018 bear market. Thus far, the premium has never been used as a signal to take action, as historically, it hasn’t appeared often enough to take action on. But its existence is undeniable, nor what came after the two country’s Bitcoin price tickers separated by this much in the past. Whatever the case may be, the Kimchi Premium should be something to pay close attention to for the near future. Featured image from Deposit Photos, Charts from TradingView.com<\/p>\n","protected":false},"author":517,"featured_media":45176,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,83619,1144,78790,6664,7335,2091,12935,83620,83621,4524,76835],"class_list":["post-460479","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btckrw","tag-btcusd","tag-btcusdt","tag-crypto","tag-fiat","tag-forex","tag-krw","tag-south-korean-won","tag-usdkrw","tag-xbt","tag-xbtusd"],"acf":[],"yoast_head":"\nWhy The Return Of The Kimchi Premium Doesn't Bode Well For Bitcoin<\/title>\n<meta name=\"description\" content=\"Bitcoin price is currently trading at a substantial premium on South Korean crypto exchanges \u2013 more than $6,000 per coin in USD equivalent. 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Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.","sameAs":["https:\/\/coinchartist.io\/","https:\/\/www.instagram.com\/coinchartist_io\/","https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC","https:\/\/www.youtube.com\/@coinchartist_io"],"url":"https:\/\/wncen.com\/author\/tonymspilotro\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Why The Return Of The Kimchi Premium Doesn’t Bode Well For Bitcoin","url":"http:\/\/wncen.com\/news\/bitcoin-korea-kimchi-premium-2021\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-korea-kimchi-premium-2021\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2017\/06\/shutterstock_478553629.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2017\/06\/shutterstock_478553629.jpg?fit=1000%2C563"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Tony \"The Bull\" Severino"}],"creator":["Tony \"The Bull\" Severino"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btckrw","btcusd","btcusdt","crypto","fiat","forex","krw","south korean won","usdkrw","xbt","xbtusd"],"dateCreated":"2021-04-05T20:00:39Z","datePublished":"2021-04-05T20:00:39Z","dateModified":"2024-06-11T14:14:35Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Why The Return Of The Kimchi Premium Doesn’t Bode Well For Bitcoin\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-korea-kimchi-premium-2021\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-korea-kimchi-premium-2021\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2017\\\/06\\\/shutterstock_478553629.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2017\\\/06\\\/shutterstock_478553629.jpg?fit=1000%2C563\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Tony \\\"The Bull\\\" Severino\"}],\"creator\":[\"Tony \\\"The Bull\\\" Severino\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btckrw\",\"btcusd\",\"btcusdt\",\"crypto\",\"fiat\",\"forex\",\"krw\",\"south korean won\",\"usdkrw\",\"xbt\",\"xbtusd\"],\"dateCreated\":\"2021-04-05T20:00:39Z\",\"datePublished\":\"2021-04-05T20:00:39Z\",\"dateModified\":\"2024-06-11T14:14:35Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2017\/06\/shutterstock_478553629.jpg?fit=1000%2C563","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/460479","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/517"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=460479"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/460479\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/45176"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=460479"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=460479"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=460479"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}