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[aryan4]

While Bitcoin is traded around $ 57,000 in normal markets, it is traded around $ 67,000 on South Korean stock exchanges. This is called the Kimchi Premium.
(Kimchi Premium: Price difference between cryptocurrency exchanges in South Korea and other exchanges.)
This is allegedly due to factors such as Anti-Money Laundering policies.
What do you think about this interesting situation?

 

[Niftyicon]

It is a bit confusing for me to understand. Is it that the forces of demand is way stronger than that of supply? I have read of something similar in my country through Luno but I've paid less attention to that.

 

[Josemendez]

While Bitcoin is traded around $ 57,000 in normal markets, it is traded around $ 67,000 on South Korean stock exchanges. This is called the Kimchi Premium.
(Kimchi Premium: Price difference between cryptocurrency exchanges in South Korea and other exchanges.)
This is allegedly due to factors such as Anti-Money Laundering policies.
What do you think about this interesting situation?

To whales in South Africa , this is a huge time for them to make many profit from their bitcoin. I hope such thing don't happen in my country because the adverse effect will be much

 

[aryan4]

It is a bit confusing for me to understand. Is it that the forces of demand is way stronger than that of supply? I have read of something similar in my country through Luno but I've paid less attention to that.

Yes, it looks a bit confusing in appearance. Coin investors in this country cannot trade on other exchanges, and investors from other countries cannot send or withdraw assets to the coin exchanges in this country. It's kind of like a closed-to-the-world stock market.

 

[Josemendez]

Yes, it looks a bit confusing in appearance. Coin investors in this country cannot trade on other exchanges, and investors from other countries cannot send or withdraw assets to the coin exchanges in this country. It's kind of like a closed-to-the-world stock market.

Yeah . But I suspect that somehow people have been able to bypass the restrictions ,thus selling at that high price there . This can be the major cause of the fluctuations in bitcoin.

 

[Niftyicon]

Yes, it looks a bit confusing in appearance. Coin investors in this country cannot trade on other exchanges, and investors from other countries cannot send or withdraw assets to the coin exchanges in this country. It's kind of like a closed-to-the-world stock market.

That is just too isolated and will surely give people the liberty to set their own prices even contrary to the global markets. I guess a lot of exploitation would be happening there.

 

[Josemendez]

That is just too isolated and will surely give people the liberty to set their own prices even contrary to the global markets. I guess a lot of exploitation would be happening there.

Sure . There is a saying that people make more money during crises . I think that this is the case there . But those buying at such price are putting themselves at risk

 

[Niftyicon]

Sure . There is a saying that people make more money during crises . I think that this is the case there . But those buying at such price are putting themselves at risk

I don't see much of risk since it is still thesame market they would sell into. The only problem I see in such situation is how much bitcoin price will keep getting inflated over time.

 

[Josemendez]

I don't see much of risk since it is still thesame market they would sell into. The only problem I see in such situation is how much bitcoin price will keep getting inflated over time.

Now consider this , if one buys at the said price of $67k, and he wants to holdl for long , there is every tendency that he won't be able to sell up to that amount when things normalize

 

[Ewogboka]

If this is true obviously more people would have been buying bitcoin in other exchange platforms to resell at the south Korean Exchange platform since bitcoin is digital and anonymous

 

[leithy]

If you check Localbitcoin then you will see some members are paying a lot more than the normal exchange market price. If you sell at this S,Korean exchange will you be able to withdraw funds if you live elsewhere?

 

[Josemendez]

If this is true obviously more people would have been buying bitcoin in other exchange platforms to resell at the south Korean Exchange platform since bitcoin is digital and anonymous

I think it is true , however the type of trading done there is peer to peer ,thus none citizens can't be able to sell their bitcoin there easily

 

[achawaskey]

This is really good for those traders in south Korea, those crypto policies have turn out to there fervour. Let them keep smiling to the bank while they are still in profit.

 

[Josemendez]

This is really good for those traders in south Korea, those crypto policies have turn out to there fervour. Let them keep smiling to the bank while they are still in profit.

I think apart from the be edit of selling in higher price amount , there seem to be more to it . Such situations are as a result of economical issues .

 

[sh199]

While Bitcoin is traded around $ 57,000 in normal markets, it is traded around $ 67,000 on South Korean stock exchanges. This is called the Kimchi Premium.
(Kimchi Premium: Price difference between cryptocurrency exchanges in South Korea and other exchanges.)
This is allegedly due to factors such as Anti-Money Laundering policies.
What do you think about this interesting situation?

Seriously? how it can be possible? Bitcoin always the same price all over the world. If it happened 67k, then most people will buy from 57k and sells in 67k?

 

[Josemendez]

Seriously? how it can be possible? Bitcoin always the same price all over the world. If it happened 67k, then most people will buy from 57k and sells in 67k?

The method of sales there won't be favorable for anyone that is not from the country ,because they use peer to peer system of trading .

 

[highspeed]

Well, my opinion (which after all I still have little knowledge in the field of cryptocurrencies), I'm sorry but to me seems something absurd!
Basically, if Bitcoin currently has an exchange of around $ 60,000 (updated to date, April 10, 2021), I don't understand why in South Korea, it should have a different value ...

 

[Ewogboka]

I think it is true , however the type of trading done there is peer to peer ,thus none citizens can't be able to sell their bitcoin there easily

It means they are closely monitoring their inbound trading other wise people will have taken serious advantage of difference in trading.

 

[Josemendez]

It means they are closely monitoring their inbound trading other wise people will have taken serious advantage of difference in trading.

Yeah. If it was easy for anybody to penetrate their market , then it will be difficult for the price to remain that amount because the traffic will be much.

 

[sh199]

The method of sales there won't be favorable for anyone that is not from the country ,because they use peer to peer system of trading .

I thought peer-to-peer trading is price efficient because there is no 3rd party in the market chain. This much price difference is insane. Can you please can tell me "why it happens?"