South Korea’s ‘bitcoin kimchi’ premium index rises by 9.7%

South Korea’s bitcoin premium index, aka “kimchi premium,” reached a 10-month high on South Korean exchanges and remained stable amid a major global market dip. On Monday morning in Asia, the Korea Premium Index rose to 9.7%, marking its highest since April 14, 2024. According to CryptoQuant data , the premium is down to 8.2% at press time. The “kimchi premium” refers to a price gap between the South Korean exchanges and foreign markets. It may indicate a stronger buying pressure among Korean retail investors. While Bitcoin’s price is tanking below $92k and Ethereum is down 20%, the Korea Premium Index is up as the South Korean market is difficult for foreign investors to enter. Bitcoin: Korea Premium Index (Source: CryptoQuant) According to a report by The Block, an analyst at Presto Research, Min Jung, said, “The Kimchi Premium typically rises in bull markets when Korean investors bid higher, but it can also spike during periods of panic selling.” Jung predicted the kimchi premium would remain elevated so long as American investors maintained their selling activities. He added “However, historically, the Kimchi Premium has averaged around 5%. If the market stabilizes and rebounds, we would likely see the premium narrow back toward that level.” Cryptopolitan Academy: How to Write a Web3 Resume That Lands Interviews - FREE Cheat Sheet