Bitcoin And XRP Crashed Amid South Korea Martial Law Chaos, Creating Kimchi Premium Arbitrage Opportunity
Bitcoin and XRP plunged on South Korean crypto exchanges yesterday after President Yoon Suk Yeol declared martial law, creating arbitrage opportunities for savvy investors. Despite the martial law order only lasting a few hours, panic selling due to the political turbulence was enough to push Bitcoin’s value down 33% to $61,200 on South Korean exchange Upbit. XRP also shed more than half of its value during the same period. Martial Law Declaration Forces Kimchi Premium To An All-Time Low South Korean exchanges are often watched for spot arbitrage opportunities. Traders try to capitalize on the Kimchi premium, which refers to the difference in crypto prices between South Korean and US exchanges. South Korea’s financial markets are in chaos because of the president’s political show. https://t.co/u2NTEpkA7E pic.twitter.com/OvypvDwLYW — Ki Young Ju (@ki_young_ju) December 3, 2024 Korean-based CryptoQuant CEO Ki Young Ju commented on the political...