BTC kimchi premium widens to around 2%

A CoinNess analysis shows the so-called kimchi premium, in which Bitcoin trades at a higher price in South Korea’s won-denominated market than in the global dollar market, has deepened. According to KIMPGA, as of 6:00 a.m. UTC on Nov. 13, BTC was trading at 92.8 million won on Upbit’s KRW trading pair, down 3.92% from yesterday, while the global price based on Binance and converted at the won-dollar exchange rate stood at 90,955,159 won. That put the kimchi premium at around 2%.