In the recent digital currency market, Bithumb, as one of the largest exchanges in South Korea, has attracted the attention of global investors. The news that the price of Bitcoin has exceeded $70,000 has not only aroused the enthusiasm of investors, but also made people full of expectations for the future of the Korean market. However, CoinMarketcap's decision to completely remove the quotations of Korean exchanges seems to have cast a shadow on this hot land. This article will delve into the reasons, impacts and future trends behind this phenomenon.

First, let's review the background of Bitcoin's price breaking through $70,000. In 2021, the digital currency market experienced an unprecedented bull market, and many investors made considerable profits in this wave. As the "gold" of digital currency, the soaring price of Bitcoin has attracted more and more investors to join this field. According to some analysts' predictions, Bitcoin is likely to continue to rise in the future, even breaking through the $100,000 mark. As the largest digital currency exchange in South Korea, Bithumb's quotations play an important role in the global market.

However, CoinMarketcap's decision to completely remove the quotations of Korean exchanges was unexpected. Behind this move, it is obviously a warning to the Korean market. In recent years, the Korean digital currency market has faced a continuous tightening of regulatory policies. The South Korean government has strengthened its supervision of digital currency exchanges for financial security and market stability. This policy change has affected the confidence of many investors in the South Korean market, and even many exchanges have chosen to withdraw from the market.

Despite this, Bithumb still shows strong market strength. According to the latest data, Bithumb's daily trading volume remains at a relatively high level. Many investors believe that Bithumb's price fluctuations are closely related to the global market, especially when the price of Bitcoin has risen sharply, Bithumb's trading volume has also increased. This phenomenon shows that despite many challenges, Bithumb is still the focus of investors.

In this context, we can see that changes in the Korean market have not only affected local investors, but also attracted the attention of global investors. CoinMarketcap's delisting decision has caused many investors to re-examine the potential of the Korean market. Some people believe that although the regulatory policies of the Korean market are strict, they also provide guarantees for the healthy development of the market. Compared with some countries with loose regulation, the Korean market has higher transparency and compliance, which is undoubtedly an important factor in attracting investors.

At the same time, Bithumb's success has also provided a reference for other exchanges. In recent years, a large number of digital currency exchanges have emerged around the world, and the competition is extremely fierce. In this case, how to stand out in the market has become a problem that every exchange must face. Bithumb has successfully attracted a large number of users with its strong technical support and user experience. Some analysts pointed out that Bithumb's continuous optimization of user experience is an important reason why it can occupy a place in the competition.

In addition, changes in the Korean market have also triggered discussions about the future of digital currency. As the price of Bitcoin continues to rise, more and more investors have begun to pay attention to the investment value of digital currency. Some people believe that digital currency will become an important part of the future financial system and may even replace traditional currency. However, some people are cautious about this and believe that the volatility of the digital currency market is extremely large and the investment risk cannot be ignored.

In this context, investors need to look at the digital currency market more rationally. Although the price of Bitcoin has exceeded $70,000, attracting a lot of attention, the volatility and uncertainty of the market also remind us to remain vigilant. When choosing an exchange, investors need to consider the compliance and security of the exchange in addition to paying attention to the price. As a relatively mature exchange, Bithumb's performance in the market undoubtedly provides a reference for investors.

It is worth mentioning that changes in the Korean market also reflect the trend of the global digital currency market. In some countries, the regulatory policies for digital currencies are still relatively loose, resulting in some irregular trading behaviors in the market. This not only affects the confidence of investors, but also poses a threat to the healthy development of the market. In contrast, although the regulatory policies of the Korean market are strict, they help to improve the transparency and compliance of the market, which is undoubtedly a positive signal for long-term investors.

Looking ahead, the digital currency market will continue to face challenges and opportunities. As more and more countries begin to formulate regulatory policies for digital currencies, the standardization of the market will become a general trend. As an important participant in the Korean market, Bithumb's future development will directly affect the direction of the entire market. Investors need to pay close attention to market dynamics and adjust investment strategies in a timely manner to cope with the changing market environment.

In general, the phenomenon of Bithumb's Bitcoin price breaking through $70,000 is both the result of market development and the starting point for future development. Although CoinMarketcap's decision to completely remove Korean exchange quotations has brought certain uncertainties to the market, it does not affect Bithumb's position in the market. On the contrary, this change may prompt more investors to re-examine the potential of the Korean market and provide new ideas for the healthy development of the market.

In this rapidly changing digital currency market, investors need to always be vigilant and look at market changes rationally. The future market will be more complex. Only those investors with foresight and insight can be invincible in this market full of opportunities and challenges. I hope that every investor can find their own opportunities in this market and achieve wealth growth.

According to CoinMarketCap data, the platform has removed several Korean exchanges from the BTC market quotation interface. Molly Jane Zuckerman, content director of CoinMarketCap, said the move was due to the widespread premium phenomenon in Korean exchanges, which is about 6% higher than the average price.

In the BTC price tracking interface on the CoinMarketCap official website, BTC quotes from several Korean exchanges, including Upbit, Bithumb, Coinone and Korbit, are no longer displayed. CoinMarketCap said that the data will be added back only after the BTC price in Korean exchanges stabilizes.

 BTC in South Korea breaks $70,000 

Due to the strict restrictions imposed by the South Korean government on currency inflows and outflows, the supply and output of Korean exchanges have been delayed, resulting in a shortage of BTC, coupled with limited arbitrage opportunities, resulting in the so-called kimchi premium. According to data from Bithumb, the largest exchange in South Korea, BTC has now soared above the $70,000 mark, and Ethereum (ETH), Ripple (XRP), etc. are also trading at a premium.

South Korea saw a kimchi premium as early as 2016, and during the last bull market in 2017-18, the local BTC premium soared to 50%. Recently, with BTC ushering in a bull market again, the kimchi premium has also shown signs of a comeback; data shows that South Korea's BTC premium was only 9.48% at the end of March, and now it has exceeded 20%.

Kimchi premium continues to rise

The premium phenomenon is obviously a problem for data providers. In fact, CoinMarketCap took similar actions against the kimchi premium in 2018. At that time, because there was no immediate advance notice, the website price collapsed instantly, misleading investors to further panic sell, causing XRP to collapse by more than 30% in a single day, and the market value evaporated by nearly $20 billion.

CoinMarketCap has not yet stated when it expects to restore Korean exchange data. Last month, the combined market trading volume of South Korea's four largest exchanges exceeded $14.6 billion, surpassing the single-day trading volume of the Korea Composite Index (KOSPI) and KOSDAQ, setting a new historical milestone. Considering the hot Korean market, the kimchi premium is likely to increase day by day.

However, historical data shows that the current kimchi premium is still a long way from its previous peak. According to Arcane Research analyst Vetle
Lunde, the kimchi premium hit an astonishing peak of 62.6% in May 2017, followed by 47.3% in January 2018.

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Binance INTL	OKX INTL	Gate.io INTL	Huobi INTL
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