Reverse Gimchi Premium in Korea
● Reverse Gimchi Premium in Korea
On February 2, the commodity futures commission (CFTC) in the United States began investigating the price manipulation of Bittrex Exchange and Tether on the cryptocurrency exchanges. And then, the prices of all the cryptocurrencies began to plummet. At 10 p.m., when I saw the price chart of bitcoin, it went down to $ 7,068 (7.68 million KRWs), and etherium was going down to $ 681 (740 thousand KRWs). However, when I look at the prices of foreign exchanges, the bitcoin price was much over 8 million dollars. I was so curious about that, and went to foreign exchange sites. In the foreign exchanges, I checked the etherium prices and found that they all were higher than those in the Korean exchanges.
● Bithum Exchange in Korea (https://www.bithumb.com)
Last night at 10:00 pm, the lowest price of etherium in Bithumb Exchange was $ 684.8 (744,000 KRWs).
● Upbit Exchange in Korea (https://www.upbit.com)
At the same time, etherium had the lowest price of $ 698.9 (759,400 KRWs) in the Upbit Exchange.
● Binance Exchnage in HongKong (https://www.binance.com/)
At the same time, however, etherium had the lowest price of $ 783.67 (851,457 KRWs) in Binance Exchange.

● Bittrex Exchange In the United States (https://www.bittrex.com)
In Bittrex Exchange, etherium was traded at the lowest price of $ 759.4 (825,740 KRWs) at the same time.
● A Cause of the Gimchi Premium
The average lowest price of etherium in the Korea exchanges was $ 691.9 (751,700 KRWs), while in the foreign exchanges the average price was $ 771.8 (838,599 KRWs) at the same time. The average lowest price of etherium in the Korea exchanges was $ 79.9 (80,699 KRWs), 10.4% cheaper than that in the foreign exchanges. By this time, kimchi premium was up to 40%, but the opposite phenomenon occurred yesterday. Why did this reverse gimchi premium occur?
This phenomenon would be common to all the cryptocurrencies traded in the Korean exchanges. Especially, the fact that the trading volume has surged at that time might be a cause of the phenomenon. It can be said that this was manipulated by the operation forces intervened to induce the price plunge and to make ants sell in panic. The gimchi premium occurred in the upturn, while the reverse kimchi premium occurred in the downward trend.This operation force shaked the price up and down to make much more profit. Now, we can see that the largest cryptocurrency operation force in the world have been in Korea.