Bitcoin (BTC) Traded With Premium Prices In Asian Markets per New Binance Research
- Bitcoin is being traded at a premium price in different Asian markets
- In Japan or South Korea, the premium reaches 5% in many cases
There are different Asian markets in which Bitcoin is currently being traded for a premium price. This could be related to the popularity of the cryptocurrency and how it has been expanding during the last months. This is according to a recent analysis conducted by Binance Research in which they question Asia’s stance of going “all-in” to the crypto market. China, Japan and South Korea seem to be trading premium prices for Bitcoin.
Bitcoin Traded With Premium
Bitflyer, one of the companies that received the approval of the Financial Services Agency (FSA) in Japan experienced leveraged premiums on the FCBTC/JPT trading pair of 5 percent during June. The last time that the market experienced these premium levels was in July 2018.
At the moment, Bithumb, the largest cryptocurrency exchange in South Korea with fiat trading pairs, has also experienced a premium on the price of Bitcoin. The Asian exchange is currently offering a 5 percent premium on the price of Bitcoin.
The report released by Binance Research reads as follows:
“The “Kimichi Premium” returns, the price of Bitcoin (BTC/KRW) in South Korean exchange Bithumb has recently seen premiums of up to 5% to that of BTC/USD spot price, reaching its highest level in 7 months.”
China is also experiencing a premium price on Bitcoin. Although there has been a ban in the country, the USDT/CNY trading pair is also experiencing a premium. Individuals in China are not able to purchase Bitcoin with their currency but they can do so by purchasing USDT.
Authorities in China are also currently thinking about a ban or restrictions over crypto mining activities. This has created an OTC premium of over 3 percent in the last months for USDT/CNY. Since the beginning of the year, this is the second time in which the premium is over 2 percent.