Unprecedented South Korea-based FOMO raises Bitcoin above $ 70,000 on local exchanges
Bitcoin, the largest cryptocurrency, reached an all-time high of 79,422,000 won ($ 71,000) on the Upbit exchange in South Korea.
Named after a traditional South Korean side dish that shows the difference between local and global crypto prices, the “kimchi premium” currently stands above 23 percent.
It offers an incredible arbitrage opportunity for traders who manage to bypass South Korea’s tight capital flow restrictions, making money transfers both inside and outside the country extremely difficult.
Local cryptocurrency exchanges do not allow foreigners to register due to legal restrictions.
While the rising kimchi premium is a harbinger of a market peak, it still isn’t close to its historic peaks. It had risen to 47 percent in January 2018.