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Kimchi Premium Puts Bitcoin Lower Ahead of Fed Minutes; What's Next?

At first, it appeared like a regular profit-taking exercise among western day-traders against overvaluation risks. Nevertheless, blockchain analytics platform CryptoQuant noted that the sell-off appeared out of South Korea-based crypto exchange Upbit Global. It happened after a so-called “Kimchi Premium” indicator reached its three-year peak.
What is Kimichi Premium?
In retrospect, Kimchi Premium a metric which represents the difference in the bitcoin prices on South Korean exchanges and other global trading avenues. Arcnae Research analysts note that when the indicator peaks, it somewhat ends up blowing up the bitcoin bullish bubbles. The metric reached 47 percent in January 2018 and 63 percent in 2017, and followed up with vast price corrections in the global bitcoin market. ....

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Why The Return Of The Kimchi Premium Doesn't Bode Well For Bitcoin

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.” ....

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