Bitcoin’s “Kimchi Premium” Has Vanished

The cryptocurrency once traded for nearly $8,000 more in South Korea than on international exchanges

Bitcoin’s “kimchi premium” has finally been gobbled up. Prices for the cryptocurrency in South Korea dropped back in line with those on international exchanges for the first time in seven weeks on Friday, erasing a gap that had swelled to 51 percent in January. The premium had been so persistent -- and so unusual for a major market -- that traders named it after Korea’s staple side dish.

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