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Bitcoin’s ‘Kimchi Premium’ Jumps Amid South Korean Political Turmoil
Premium paid on Korean exchanges surges to a four-month high
More retail investors in South Korea are buying Bitcoin
A key metric to gauge the interest in Bitcoin from investors in South Korea has risen this week to a four-month high, as the political turmoil in the East Asian country deepens.
“Kimchi Premium,” which refers to the price gap between Bitcoin on South Korean exchange Upbit compared to Coinbase, has surged to the range of 3-5% this week, according to data compiled by blockchain data platform CryptoQuant. An increase in the metric usually indicates an elevated demand from South Korea-based investors in Bitcoin. The same metric for stablecoin Tether also has surged to the similar range.