Back in April, the infamous Kimchi Premium drove BTC price to $68k. During those times, the regular market price for BTC was only around $59,000. Kimchi Premium is the term used to describe the market price difference between Korean markets and other markets across the globe.
In more recent news, Bitcoin was trading $5000 higher in South Korean markets compared to global crypto markets. While BTC was trading at around $39k in regular markets. The South Korean exchange Bithumb prized BTC at $45k.
In a statement issued by the Bank of America (NYSE:BAC), they described the Kimchi Premium as a consequence of “capital flow control” that aims to stop the cross-border transfer of what they described as “hot money.”
In a report published Tuesday, the Bank of America mentioned that the onshore price for cryptocurrencies in Korea is persistently above…
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