🍲 Recently, the "kimchi premium" for Bitcoin has turned negative! This may indicate that BTC is about to experience a rebound! 🚀
First, let's explain what the so-called "kimchi premium" is. It is the difference between the price of Bitcoin on South Korean exchanges and prices on other global platforms. Typically, prices in South Korea are a bit higher, but this time it has reversed, with prices in South Korea actually being lower than those in other global markets!
According to Kaiko's data, this is the second time since September that the kimchi premium has turned negative. Why is this happening? Analysts believe it may be due to weakened investor sentiment in the South Korean market. Additionally, strict government controls on capital flow and limited cryptocurrency supply on local exchanges may also be reasons for the negative kimchi premium.
But here’s some good news! Historically, whenever the kimchi premium turns negative, the price of Bitcoin often experiences a significant increase. So, this negative premium may just be a precursor to a market rebound!
Additionally, there’s another indicator worth noting, which is the Coinbase Premium, measuring the price difference of BTC on Coinbase Pro and Binance. This indicator has also recently been hovering in negative territory, which is typically a signal for a rise in Bitcoin prices.
So, friends, are you ready to welcome the rebound of BTC? Of course, besides the kimchi premium and Coinbase Premium, there are also the upcoming U.S. elections and potential rate cuts by the Federal Reserve, all of which may drive Bitcoin prices up in the short term.
💬 What do you think? Do you believe Bitcoin will successfully rebound this time? Come and share your thoughts in the comments!
