During the first week of April, South Korea’s ‘kimchi premium’ on domestic cryptocurrency exchanges had jumped over 18%, but then leveled off, equalizing with global exchange rates over the last two weeks.
In addition to the bitcoin price jump, the well known ‘kimchi premium’ in South Korea has returned.
Data shows that Bithumb’s BTC/KRW spot market volumes have increased by 13.2% today and a single bitcoin is swapping for prices between $56,345 to $56,727 or between 625,970,000 to 663,040,431 won.
Korbit’s collective trade volume for today for every trading pair is well over $100 million but Bithumb, on the other hand, has $2.3 billion in reported trade volume today.
Overall, analysts are positive about BTC’s price jump, in general, as the weekend’s trading sessions and into Monday have shown bitcoin bulls are not giving up so easily.
“The weekend showed that the crypto market in general and Bitcoin, in particular, are not ready to give up,” Kuptsikevich said.
An additional positive is that with the price rebound, the trading volume also increased by 28%, strengthening the positive sentiment.
Stats further show that the South Korean won captures close to 2% of BTC’s global trade volume today and the won is BTC’s sixth-highest trading pair.
Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.