Kimchi Premium Puts Bitcoin Lower Ahead of Fed Minutes; What’s Next?

Bitcoin prices dropped lost 3.12 percent in early trading Monday, while the rest of the crypto market followed suit, turning lower aggressively after their record-setting bull runs at the start of this week.

Bitcoin wobbles around $56,000. Source: BTCUSD on TradingView.comBitcoin wobbles around $56,000. Source: BTCUSD on TradingView.com

At first, it appeared like a regular profit-taking exercise among western day-traders against overvaluation risks. Nevertheless, blockchain analytics platform CryptoQuant noted that the sell-off appeared out of South Korea-based crypto exchange Upbit Global. It happened after a so-called “Kimchi Premium” indicator reached its three-year peak.

What is Kimichi Premium?

In retrospect, Kimchi Premium a metric which represents the difference in the bitcoin prices on South Korean exchanges and other global trading avenues. Arcnae Research analysts

Keep reading this article on Newsbtc.com.

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