How long will the 'Kimchi Premium' last?

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비트톡
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2017-12-23 23:21
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The cryptocurrency including Bitcoin, Ethereum, and altcoins, is hot in Korea. So the market is.

One of the strangest things in the Korea market is the term called 'Kimchi Premium'. In Korea, people call it 'KimP' in Korean language.

 

It refers to the price difference between the prices from the Korean exchanges, Bithumb, Coinone, Upbit and the prices from international exchanges like Bittrex, Poloniex.

Now, on average, the Kimchi Premium is 20-30% on all coins.

 

People buy and sell higher in Korea. Bitcoin price at Bithum is now $17,000 as of Dec 23rd 11PM in KST.

Compared to the price at Poloniex, it is 20% higher. $14,700 at Poloniex.

 

Why is there 'Kimchi Premium'?

  1. The market is quite isolated. Most of investors/traders do not want to buy coins from outside country related to the foreign exchange issues and regulations. (For sure, some people do so because it is so profitable.)

  2. People do not want to take any risk of anything happening during the wallet transfer. The main exchanges have the wallet transfer service, but normally it takes a couple of hours, and sometimes it can be one or two days. Ideally, it is taking 30 mins. So within an hour, you could buy a certain amount of coins from Bittrex and transfer it to Bithumb if all works properly. But due to the crazy traffic and workload on all 4 major exchanges, Bithumb, Coinone, Upbit, and Korbit, the manual confirmation of wallet transfer takes a long time.

  3. People can make enough money thru domestic trading. The momentum is so strong, so all believes you always win if you hold it for some time.


How long does the premium last?

  1. I bet it will last at least a year because the regulations of international coin transfer would be stricter than what it is now.

  2. The govt will ban all of the international traders, non-Korean traders, create an account in the exchange in Korea.

  3. Day traders will increase and they don't care the spread trader strategy taking longer than an hour.


But if you study how to successfully do spread trade, it is the most profitable business at this point.

 

Cryptocurrency, Bitcoin, Ethereum, Ripple, Ethereum Classic, Lite Coin, Bitcoin Cash, Monero, ZCash, BTC, ETH, DASH, XRP, LTC, ETC, BCH, XMR ZEC QTUM
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