Bitcoin hits an all-time high in Korean won on Upbit... Reverse kimchi premium at -1.65%

- Bitcoin Hits 164.04 Million KRW on Upbit's KRW Market - Reverse Kimchi Premium at -1.65%, Widening Gap with Global Market [Unblock Media] On South Korea's largest cryptocurrency exchange, Upbit, Bitcoin (BTC) has once again broken records, trading at 164.04 million KRW. This surpasses the previous all-time high of 163.325 million KRW recorded on January 20. However, a notable point is the "reverse Kimchi premium," which reflects a price discrepancy between domestic and global exchanges, currently at -1.65%. As of the afternoon of the 15th, Bitcoin was trading about 1.65% higher on Binance, a major global cryptocurrency exchange, compared to Upbit. This reverse Kimchi premium suggests potential factors such as weakened domestic buying pressure or increased volatility in foreign exchange markets, including a rising KRW/USD exchange rate. The "Kimchi premium" typically refers to the phenomenon where cryptocurrency prices in South Korea are higher than those on global exchanges due to a mix of regulatory barriers and exchange rate factors. However, the "reverse Kimchi premium," wherein domestic prices are lower than global ones, is rare and may indicate weakened investment sentiment in South Korea or overheating in overseas markets. While Bitcoin's new record high confirms its upward momentum, a continued reverse Kimchi premium could act as a barrier to broadening the rally. Particularly, the rising KRW/USD exchange rate, which reduces domestic investors' purchasing power, has emerged as a noteworthy variable. Experts assert that Bitcoin's long-term bullish trend remains intact but caution that the price gap between domestic and international markets may influence investor sentiment. Some foresee continued volatility in the short term. Key factors to watch moving forward include changes in the gap between global and South Korean Bitcoin prices, domestic and international regulatory developments, capital inflow and outflow trends, and fluctuations in the KRW/USD exchange rate. The complexities underlying Bitcoin’s domestic record-high necessitate long-term, in-depth analysis.