Is this a signboard that things across the crypto grocery store could soon turn bearish ? Or is there something else afoot going on with the US dollar and the south korean win that is causing the discrepancy ?
Bitcoin FOMO Comes To A Boiling Point In South Korea, According To Price Premium
Bitcoin is an asset unlike anything else in the worldly concern before it. There ’ s no company involved like stocks ; no country like decree currencies ; nor does it have a physical form like a commodity. Because the decentralize cryptocurrency technology is controlled by no submit actor, the underlie asset could some day become the first gear non-sovereign ball-shaped allow currency.
Related Reading | Mathematical Mystery: Why Did The Bitcoin Rally Stop At The Golden Ratio?
The crypto market like these other assets, however, besides trades globally, and is subject to deviations in price data depending on how aggressive one region ’ south currency is being commute to buy up BTC. once again, crypto FOMO has taken apply in the country of South Korea, resulting in the reappearance 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 graph above demonstrates the ample deviation between BTCUSD and BTCKRW. The discrepancy is roughly $ 6,000 USD currency and climb. The crypto community has dubbed this unusual phenomenon the “ Kimchi Premium. ”
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It isn ’ t clean what ’ south causing such FOMO amongst South korean investors, but the alleged premium hasn ’ deoxythymidine monophosphate been around since the last week of 2017 .
Read more: Easy Kimchi Fried Rice
The last time the Kimchi Premium was so prominent, it was the peak of the last bull market. | Source: BTCUSD on TradingView.com
Zooming out, the last time the Kimchi Premium moved away from the criterion BTCUSD heart priced in dollars, that was the fantastic stopping point for the previous bull market .
While the USD trade pair made lower highs, the KRW trade match made another higher high before together falling into the 2018 yield market. therefore far, the premium has never been used as a signal to take action, as historically, it hasn ’ thymine appeared much enough to take military action on .
But its universe is undeniable, nor what came after the two area ’ randomness Bitcoin price tickers separated by this much in the past. Whatever the casing may be, the Kimchi Premium should be something to pay cheeseparing care to for the dear future .
Featured image from Deposit Photos, Charts from TradingView.com
