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You can see on a regular basis that South Korean exchanges are always paying 25-50% more than Western exchanges. The Bitcoin pump to 20k, the entire history of
by notsrg 9y ago
You can see on a regular basis that South Korean exchanges are always paying 25-50% more than Western exchanges.
The Bitcoin pump to 20k, the entire history of Bitcoin Cash, and recently the Ripple pump to $3 were all pumped by Bithumb, Upbit, etc. Hence the controversy with Coinmarketcap removing Korean exchanges for a second resulting in the marketcap dropping 50 billion.
Even right now, almost 50% of XRP volume is in SK all paying > $2, but there's no Western exchange trading above $2. See: https://coinmarketcap.com/currencies/ripple/#markets https://coinmarketcap.com/currencies/ripple/#markets
- perseusprime11 9y agoThat's interesting. Why would they buy it for more than $2? Is it because the exchange is selling for more or just problems with international currency.
- peterjlee 9y agoThere's a high demand in S.Korea (mostly FOMO) and it's a bit hard to transfer a large amount of money out of S.Korea for some legal reasons, which makes arbitraging hard.