South Korea’s Kimchi Premium Surges to 2-Year Peak – Utilize Leverage SBF for Daily Million-Dollar Profits

South Korea’s Kimchi Premium for Bitcoin reached a 27-month high of 10.32% on Wednesday, surpassing $66,800 after a brief dip to $60,000. This surge in the premium indicates a renewed interest and confidence among local traders, with Korean retail investors making a comeback in the crypto market.

The Kimchi Premium represents the price difference between cryptocurrency assets on South Korean exchanges and the international market. It has been steadily rising since February, following the upward trajectory of Bitcoin’s price. The Korea Premium index climbed from 5.19 on February 28 to 6.84 on March 5, coinciding with Bitcoin’s surge to a new all-time high of $69,200 on March 5.

Notably, the bankrupt FTX CEO, Sam Bankman-Fried, claimed to have earned up to a million dollars a day by leveraging this premium. He mentioned that during 2019 and 2020, the premium reached as high as 50%, allowing his firm to generate significant profits.

While the United States has seen a surge in Bitcoin ETFs, South Korea is yet to embrace these financial instruments. However, Governor Lee Bok-hyun of the Financial Supervisory Service hinted at potential developments, stating that authorities are in discussions regarding the legalization of Bitcoin Spot ETFs in the country. If approved, this could lead to a new era of institutional participation in the South Korean Bitcoin market.