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Bitcoin’s ‘Kimchi Premium’ Vanishes Again as Trading Range Tightens

The spread between the price of bitcoin on South Korean and U.S.-based crypto exchanges, which returned in June and hit 16-month highs, has disappeared once again.

A measure of how much more South Koreans pay for bitcoin, the spread, known colloquially as the “kimchi premium,” has reached remarkable levels, peaking at 54.48%, according to researchers at the University of Calgary. It then dropped and ultimately vanished, only to return again recently, running at around 5 to 10%.

But last week, local newspapers started to notice that bitcoin was back to trading lower in won terms. The Dong-a Ilbo, one of the country’s major publications, reported on August 5 that bitcoin was priced just 2.15% higher in dollar markets than in won on South Korean exchanges.

The deficit…

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