Bitcoin is trading near $66,000 levels in South Korea as “Kimchi Premium” has returned. Kimchi Premium is the spread between bitcoin’s price on South Korean crypto exchanges and Western exchanges. Bitcoin is currently trading at around $66,200 on Bithumb, according to TradingView. That is whopping about 15% or $9,000 higher than bitcoin’s price of around $57,000 on Coinbase. The Kimchi Premium suggests rising demand for bitcoin and ether in South Korea as the cryptocurrency market continues to soar worldwide.
Conventional wisdom suggests that when big amounts of bitcoin exit exchanges, the hodlers are socking away coins in their cold-storage hoards, presumably forever. The reality is more complicated than that, and bitcoin outflows in 2021 have a lot more to do with another important digital asset: stablecoins.
Inflation — or rather, the perceived threat of inflation — has been very kind to bitcoin (BTC) and crypto. Thanks in part to the US Federal Reserve (Fed) committing to ‘unlimited’ quantitative easing and to Congress approving trillion-dollar stimulus packages, bitcoin has climbed from below USD 5,000 to above USD 61,000 in less than a year.
Ether, the world’s second-largest cryptocurrency rose to $2,000 for the first time, as the rally in digital assets continues to broaden beyond Bitcoin. The digital token for the Ethereum network gained as much as 2.3% to $2,014 on Friday. It has surged about 170% this year. The Bloomberg Galaxy Crypto Index gained gained about 3%, while Bitcoin was little changed after more than doubling this year.
Cryptocurrency exchange Coinbase said Thursday that it will begin trading April 14, after receiving approval from the SEC for its direct listing. The company will trade on the Nasdaq under ticker symbol COIN. The approval is a milestone for cryptocurrency advocates who have piled into blockchain-related assets like bitcoin.
Investment bank Goldman Sachs has confirmed it is close to offering crypto to its private wealth management (PWM) clients and has appointed a new global head to manage the segments. In an internal announcement shared with CoinDesk, Goldman Sachs said Mary Rich has been promoted to global head of the Digital Assets Group for private wealth management at the bank and will work with advisers to educate clients about the digital assets and blockchain technology.
Bitcoin and other cryptocurrencies rose after Visa Inc. said its payments network will use a stablecoin backed by the U.S. dollar to settle transactions, as blockchain technology gains more acceptance in the established financial system. As part of a pilot program, Visa is using USD Coin to settle transactions over Ethereum, with the help of the Crypto.com platform and Anchorage, a digital-asset bank, according to a statement Monday by the San Francisco-based payments giant. Visa will offer the service to more partners later this year.
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The institutional investors are here, bringing with them billions of dollars and record-high bitcoin (BTC) prices. This is something the market had been expecting for years, but now that it has finally arrived, it potentially brings risks as well as benefits.
Elon Musk has announced that Tesla cars can now be purchased using Bitcoin (BTC). The electric car company’s CEO and “Technoking” said the firm would operate Bitcoin nodes directly, and would hold on to the Bitcoin it accumulates without converting it to fiat. Tesla first signaled its intention to start accepting Bitcoin for products in early February, following its purchase of $1.5 billion worth of the digital asset, an SEC filing showed. The option to buy a Tesla using BTC will only be extended to U.S-based customers for the time being.