The return of premium kimchi; Bitcoin hit a record of 72 thousand dollars in Korea!

Today, March 5th, the price of Bitcoin on Upbit, the largest cryptocurrency exchange in South Korea, briefly reached an all-time high of 96,734,000 KRW or $72,504.

This difference in the price of Bitcoin in South Korean exchanges with the global market, which is known as Kimchi premium, shows the strong interest of retail investors in this digital currency; Because the Korean government is looking to approve spot bitcoin ETF in this country.

Meanwhile, some traders may try to profit from this price difference between different exchanges, which is called “arbitrage”.

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According to the analysis company CryptoQuant, Kimchi Premium Index increased from 5.19 on February 28 to 6.84 on March 5.

The increase coincided with bitcoin price hitting a new all-time high of $69,200 on March 5, attributed to continued capital inflows into U.S. spot bitcoin ETFs.

Meanwhile, amid growing interest in Bitcoin, South Korea's financial authorities are also reportedly considering the country's acceptance of spot Bitcoin ETFs.

At the time of writing, Bitcoin is trading at 93,800,000 KRW or $70,000 on the Upbit exchange, compared to $67,000 on the global market.