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The "kimchi premium" has reappeared after a surge in bitcoin trading on South Korean exchange Bithumb

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Bitcoin trading volume on Bithumb is 4% to 8% higher than elsewhere.

On April 27, the "kimchi premium" (a phenomenon in which bitcoin prices on the Korean exchange are much higher than the rest of the world) reappeared. According to data from TradingView, at the time of publication, Bitcoin trading volume on Bithumb, South Korea's leading trading platform, is 4% to 8% higher than elsewhere.

While it's not clear why this is happening, according to local media reports, South Korea's ruling Democratic Party intends to delay the tax on cryptocurrencies for at least a year.

Earlier this April, the premium rose for the first time since January 2018 after South Korean authorities promised aggressive action to clean up the cryptocurrency market. Meanwhile, Joo Ho-young, the leader of the opposition People Power, called for more active supervision of virtual currencies and the creation of a task force, according to a separate local report.