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Bitcoin $5K ‘kimchi premium’ returns while gold prices surge in Korea

Bitcoin (BTC) was trading at $5,000 higher in South Korea than in other markets on Wednesday as capital flow controls continue to enforce the “kimchi premium.” While Bitcoin was trading at $39,932 on Coinbase at the time of publication, the price on the Korea-based Bithumb exchange stood at $45,115.

According to a recent Bank of America statement, the kimchi premium is a result of capital flow controls aimed at stopping the cross-border transfer of “hot money,” reports Reuters.