🚀 "Kimchi Premium" is back! The price of Bitcoin (BTC) briefly hit a new high of 96,734,000 South Korean won ($72,504) on March 5 on Upbit, the largest cryptocurrency exchange in South Korea. This price differential is known as the Kimchi Premium or Korea Premium Index, and it has been rising along with the price of BTC since early February.

- The Korea Premium index rose from 5.19 on February 28 to 6.84 on March 5, according to CryptoQuant.

- Bitcoin rally is mainly driven by institutional demand in the United States.

In South Korea, the situation is different, as they do not have spot Bitcoin ETFs, and retail purchases mainly drive the rise in Bitcoin price.

- Kimchi Premium peaked at 21.56% on May 19, 2021, when Bitcoin was trading above $36,000.

South Korea is rumored to be considering allowing spot Bitcoin ETFs, which could end this price gap if approved. What do you think about Kimchi Premium and its impact on the market? Comment below! 📈