South Korea’s Kimchi premium turns to discount

The “Kimchi premium” has flipped to discount again, and that could be saying something about crypto market sentiment, at least in South Korea.

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5 reasons why the Aptos (APT) rally could still have wings

Aptos’ star-studded founders and the market’s disbelief in the rally could further fuel the rise in APT price.

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South Korea Identifies $7.2B Drained Though Crypto Exchanges

South Korean authorities have raided one of the biggest banks in connection with the illegal crypto transfer investigation.

Continue reading South Korea Identifies $7.2B Drained Though Crypto Exchanges at DailyCoin.com.

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South Koreas Kimchi Premium Reaches 3-Year High Amid Market Turmoil

Analysts suggest the premiums surge isnt from Korean Bitcoin purchases but due to the rising U.S. Dollar Index.

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Strategic Exploit: Crypto Traders Harvested $3 Billion From Kimchi Premium?

South Koreas local media, Newsis, recently reported the case of certain crypto traders who had sent about $3 billion overseas in a bid to profit from the Kimichi Premium. Interestingly, the court found 14 out of 16 of these traders not guilty despite their alleged actions.  Related Reading: Bitcoin Bears Brewing: Analyst Predicts A Pullback Before Halving How This Group Of Crypto Traders Operated These crypto traders are said to have sent these sums of money through local banks under the guise of these transactions being foreign exchange remittances. However, this was allegedly not the case, as they would then use the funds to purchase virtual currencies abroad and send those crypto assets back to domestic exchanges, where they eventually offload them.  This was done to allegedly profit from the Kimichi Premium. This phenomenon occurs when crypto assets are more expensive in South Korea than overseas due to the country’s particular regulations. This has created an arbitrage opportunity that crypto traders have sought to exploit. Meanwhile, the Korean government has tried to prevent traders from doing so.  That is why the prosecution charged 16 people, including someone referred to as Mr. A in the news report, with violating the Specific Financial Information Act. Mr. A and others were accused of illegally transferring foreign currency worth 4.3 trillion won ($3 billion) overseas between April 2021 and August 2022 to exploit the Kimichi premium allegedly.  The prosecution believes these crypto traders made a market profit of as much as 210 billion won ($158 million). In their defense, the defendants argued against any wrongdoing since they werent precisely the ones facilitating the foreign exchange business but the bank. The traders argued they were platform users, not virtual asset business operators. The bank involved also tried to absolve itself from the case as it claimed it carried out the transaction based on the “false evidence” the defendants submitted.  Court Finds The Defendants Not Guilty The court agreed with most defendants arguments, acquitting 14 (including Mr. A) out of the 16 persons charged. A local Judge who ruled over the case opined that their actions didnt violate the objective of the Foreign Exchange Transactions Act and, therefore, could not be punished under that law.  The Judge added that there was “nothing to suggest that the defendants operated as virtual asset business operators.” If the reverse was the case, they could have been punished for not registering their business or making certain disclosures as required by the law.  Related Reading: Crypto Drama Unfolds: Ethereum Co-Founders 22,000 ETH Transfer Sparks Price Speculation Interestingly, Judge Park further distinguished the current case from a Supreme Court precedent as he noted that the highest court did not explicitly judge the issues in this case. The prosecution already submitted an appeal, dissatisfied with the courts ruling.  Chart from Tradingview

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Bitcoin Surges by More Than 37% Against US Dollar This Week, Taps $28K on Sunday

Bitcoin reached a high of $28,422 per unit on Sunday at around 3 p.m. Eastern Time as the leading cryptocurrency has continued to rise during the last week. Since last Sunday, bitcoin has increased in value by 37.9% against the U.S. dollar, and the cryptocurrency’s overall market capitalization has swelled to $546 billion. Global Cryptocurrency [...]

The post Bitcoin Surges by More Than 37% Against US Dollar This Week, Taps $28K on Sunday appeared first on Crypto Breaking News.

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Bitcoin (BTC) Crashes 33% In South Korea Amid Increasing Political Turmoil

Bitcoin (BTC) has seen a violent drop in South Korean exchanges amid the growing political crisis in the country. Following a recent announcement by the countrys President, the flagship crypto and other crypto assets saw a brief sell-off that plunged their prices by over 30%. Related Reading: Solana (SOL) Could See A Correction Despite Historic Monthly Close, $400 Still On Sight? South Korea Declares First Martial Law In 44 Years On Tuesday night, South Korean President Yoon Suk Yeol declared an emergency martial law for the first time in 44 years, causing panic among Koreans and kickstarting a massive sell-off of Bitcoin and other cryptocurrencies. The Korean JoongAng Daily explains that a declaration of martial law replaces civilian government with military rule and suspends civilian legal processes for military powers. Additionally, it allows measures like restricting freedom of speech, publication, assembly and association, special changes to the authority of governments or courts, and a warrant system by the provisions of related laws. Nonetheless, if the parliament requests the lifting of martial law, with the consent of a majority of its members, the president must do so. In a televised briefing, Yoon stated that the measure was taken to eradicate pro-North Korean forces and protect the constitutional democratic order. The President accused the countrys opposition of sympathizing with North Korea and anti-state activities.  Its worth noting that the opposition Democratic Party has a majority in the South Korean parliament, which has seemingly complicated Yoons efforts to push his agenda. In his statement, the Korean President didnt announce specific measures but cited the oppositions motion to impeach top prosecutors and reject the governments budget proposal. Through this martial law, I will rebuild and protect the free Republic of Korea, which is falling into the depths of national ruin. I will eliminate anti-state forces as quickly as possible and normalize the country. Democratic Party leader Lee Jae-Myung announced they would attempt to nullify Yoons order but expressed concern that the military forces would act against the parliament members. Bitcoin And XRP See Negative Kimchi Premium Following the news, the price of Bitcoin saw a sharp correction against its South Korean Won (KRW) pair in local exchanges, dropping 27% on Upbit, Koreas largest crypto platform. The flagship cryptocurrency fell from the 132 million KRW mark, worth around $92,000, to as low as 88.26 million KRW, around $62,000. However, it has since recovered from the nosedive, trading again above the pre-crash levels. At the same time, Bitcoin recorded a price drop on global exchanges, falling momentarily below the $94,000 support before jumping back to the $95,000-$96,000 range on platforms like Binance, ByBit, and OKX. Similarly, XRP saw its price retrace 60% from the 4,000 KRW mark to as low as 1,623 KRW, worth around $1.23. The cryptocurrency has recovered from the fall in the last hour, trading at 3,600 KRW, valued at $2.52. Related Reading: Cardano Next In Line After XRP? ADA Price Targets $4.88 In Epic Breakout According to Wu Blockchain, the reason behind the negative Kimchi Premium is that Korean exchanges do not allow institutional market makers. This, alongside the excessive traffic, caused prices to be unable to synchronize in a short period of time. Ultimately, the latest reports revealed that the Parliament passed the vote to nullify the martial law, ending it after three hours. As of this writing, Bitcoin is trading at 133.2 million KWR in Upbit. Featured Image from Unsplash.com, Chart from TradingView.com

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Kimchi premium recovers as KRWUSD drops to 15-year low

The Kimchi premium has seen a definite rebound after Christmas, recovering to 3.83% on Dec. 27. While this is still significantly lower than the 5.26% recorded on Dec. 22, it still represents a significant difference in Bitcoin prices between South Korea and global markets. The current rebound comes amidst political and economic turmoil in South […]

The post Kimchi premium recovers as KRWUSD drops to 15-year low appeared first on CryptoSlate.

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Dogecoin Frenzy Arrives In Korea: Kimchi Premium Returns Amid DOGEs 110% Rally

Dogecoin (DOGE) continues to lead the crypto market with its 116% surge over the last week. The memecoins frenzy has outperformed most to 100 cryptocurrencies and even made DOGEs price in South Korean exchanges briefly rise higher than global exchanges like Binance. Related Reading: Solana (SOL) Records 3-Year High As Price Hits $220, Is $260 Next? Kimchi Premium Returns Amid Dogecoin Rally Trump’s victory sparked a massive crypto market rally, creating a craze around the leading memecoin Dogecoin. The token’s trading volume increased 157% in the last seven days, driving DOGEs price from trading below the $0.20 mark to above the $0.40 range. This week, the Dogecoin frenzy arrived in South Korea, eclipsing a significant share of the Korean market. Web3 analyst Bradley Park highlighted that the memecoin had a remarkable $10.6 billion 24-hour trading volume on the Korean exchange Upbit. Based on CryptoQuant data, the analyst pointed out that Dogecoin was the local crypto exchanges top-traded token, with 32.4% of the total volume as of Wednesday, surpassing Bitcoin (BTC). Moreover, on Tuesday, Dogecoin saw a spike in volume globally, reaching $22 billion in a single day. Upbit accounted for 20.7% of DOGEs global trading volume, falling second to Binances 41.5% share. The memecoins spike in Korean demand sparked DOGE’s Kimchi Premium on Korean top crypto exchanges. Kimchi Premium refers to the price gap of a cryptocurrency between South Korean and global exchanges. On Tuesday, the DOGE/KRW trading pair on Upbit and Bithumb briefly surpassed the DOGE/USDT pair on Binance by 1.5%, recording the largest premium in three months. At the time of writing, Upbits DOGE/USDT trading pair is trading at $0.433, 1.6% above Binances $0.426 trading price. DOGE About To Reach The Moon? Dogecoins performance has sparked a bullish sentiment among investors. According to crypto analyst Kaleo, the memecoin is in the process of making the massive impulse move to the new all-time Highs at the early stages of a new bull market that it is known for. The analyst details that the cryptocurrency makes swift moves with massive multiples around 200 days after the Bitcoin Halving, with timing between previous ATHs and the beginning of each move having a similar cadence. Related Reading: Market Pricing In A Higher Fair Value For Bitcoin As Price Discovery Continues The analyst noted that Dogecoin still has a lot of room to run up if history repeats itself. He explained that the last time DOGE moved up from its current levels, it surged 65% to above the $0.7 mark in 24 hours. Moreover, he highlighted that the last time the memecoin registered a breakout like this from its BTC pair, it had a remarkable 175% pump toward its previous ATH. Based on this, the analyst forecasted that the long-awaited $1 target for the memecoin will be reached soon. Dogecoin is trading at $0.42, a 9.7% and 114% surge in the daily and weekly timeframes. Featured Image from Unsplash.com, Chart from TradingView.com

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Bitcoin Trades Below Global Prices In South Korea, Erasing Long-Standing Kimchi Premium Heres Why

Bitcoin (BTC) is trading slightly lower in South Korea compared to the global cryptocurrency markets due to a reverse kimchi premium, not seen since October 2023. Reverse Kimchi Premium Makes Bitcoin Cheaper In South Korea According to a report by The Korea Times, there is a price differential of more than $500 between Bitcoin’s price [...]

The post Bitcoin Trades Below Global Prices In South Korea, Erasing Long-Standing Kimchi Premium Heres Why appeared first on Crypto Breaking News.

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