The feverish demand, coupled with government rules that make sending Korean won abroad cumbersome, led to a 30% to 50% premium on the purchase price of the most popular coins, a phenomenon known as the Kimchi Premium. Traders in China -- which banned trading in digital coins last year -- used South Korea to sell crypto for fiat, or government, money, leading to a massive cash outflow to China, according to Hong Ki-Hoon of Hongik University's College of Business. South Korea's influence on the global markets was so strong that when CoinMarketCap.com, a U.S. price-tracking site, decided to remove the country's exchanges from its algorithms because of the Kimchi Premium in January, it sent global markets reeling with a $100 billion loss.
Gambling Apps Surpass CryptoKitties as Blockchain Money Makers
It turns out that gambling, not buying digital kittens, is one of the most popular applications on the blockchain -- the distributed ledger technology that has been touted as the solution for everything from world hunger to money transfers.
Here Is How Starbucks Will Lead the Way Towards Bitcoin's (BTC) Global Adoption
The news that the owners of the New York Stock Exchange – the Intercontinental Exchange – has teamed up with Microsoft, BCG, Starbucks and other firms to launch the Bakkt company that will push Bitcoin and other digital assets towards becoming mainstream financial asset, has come at an opportune time in the crypto-verse. The news came […]
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