Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

South Korea to reconsider approving Bitcoin ETFs

Source Cryptopolitan

Today, the South Korean Financial Services Commission (FSC) announced that it might review the approval of Bitcoin and other digital assets spot ETFs.

In addition, the FSC will review the allowance of corporate virtual assets accounts.

In order to review Bitcoin spot ETFs, the FSC said that it will form a Virtual Asset Committee. The committee will focus on providing policy consultation regarding the cryptocurrencies market and blockchain businesses.

The news was announced during the FSC’s national audit report. The Vice Chairman of the FSC will be the leader of the committee. Furthermore, the committee will have 9 members from other governmental entities in areas like economy, finance, justice, science and ICT. Experts from the private sector will join as well.

Earlier this year, the United States approved spot Bitcoin ETFs and spot ETH ETFs. South Korea took an opposite stance and banned people from trading digital assets ETFs and stopped companies from creating digital asset accounts. This is due to South Korea’s concerns over money laundering and efforts to protect investors.

The Kimchi premium might reduce

Crypto Quant CEO, Ki Young Ju, believes this news is bullish because it means market makers will soon enter South Korea and start buying and selling Bitcoin. This will help in lowering the Bitcoin price and reduce the Kimchi premium.

The Korean SEC (금융위원회) has formed a virtual asset committee to discuss the approval of #Bitcoin spot ETFs and the allowance of corporate accounts for crypto exchanges.

This is bullish and will mitigate the Kimchi premium as arb funds and MMs enter the Korean market. pic.twitter.com/Mjq2xX5AVg

— Ki Young Ju (@ki_young_ju) October 10, 2024

The Kimchi premium or the Korean premium index is an indicator of the Bitcoin price gap between South Korean exchanges and global exchanges. According to CryptoQuant, the Korean premium index is at 1.51 which is considered low. The index reached a high level of more than 10% in March of this year. This means Bitcoin was priced higher by more than 10% compared to the global market.

Currently, Bitcoin is trading at a price of $60,571.59 and is down by 2.1% in the last 24 hours. The 24-hours trading volume is standing at $28.7 billion and the current market cap is at $1.19 trillion.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Ethereum Drops Below $2,000 After Plunging Over 20% in a Month as Odds of $1,500 Retest Surge Ethereum Plunges Over 20% in a Month, Risking a Retest of $1,500 After Losing the $2,000 Defense Line.On November 13, Ethereum (ETH) plunged more than 5%, officially falling below the key

Author TradingKey

Yesterday 08: 57

Ethereum Plunges Over 20% in a Month, Risking a Retest of $1,500 After Losing the $2,000 Defense Line.On November 13, Ethereum (ETH) plunged more than 5%, officially falling below the key

Gold Price Forecast: Gold Tumbles Below $3,900 as Trump Says No Need for Iran Deal; Can October PPI Spur a Rebound? As of the Asian session on Friday (November 13), gold prices (XAUUSD) rebounded intraday following Thursday's sharp decline, trading near $3,910. Previously, gold tumbled 2.76% on Thursda

Author TradingKey

Yesterday 06: 29

As of the Asian session on Friday (November 13), gold prices (XAUUSD) rebounded intraday following Thursday's sharp decline, trading near $3,910. Previously, gold tumbled 2.76% on Thursda

Brent rose 3.3% and US crude stocks built 4.66 million barrels in the same week Brent January settled at 95.82, up 3.3%, and WTI at 88.74, up 2.55%, after the US signalled it would not pursue a deal with Iran and attacks on Gulf shipping continued. In the same week, EIA data showed US crude inventories rising 4.657 million barrels against expectations of a 1.1 million draw, with gasoline up another 1.799 million. OPEC output also rebounded 1.96 million barrels a day to 27.16 million in October, led by Saudi Arabia at 10.56 million. This piece separates the geopolitical premium from the physical balance and lays out where each side of the trade is anchored.

Author Irene Q.

Yesterday 03: 06

Brent January settled at 95.82, up 3.3%, and WTI at 88.74, up 2.55%, after the US signalled it would not pursue a deal with Iran and attacks on Gulf shipping continued. In the same week, EIA data showed US crude inventories rising 4.657 million barrels against expectations of a 1.1 million draw, with gasoline up another 1.799 million. OPEC output also rebounded 1.96 million barrels a day to 27.16 million in October, led by Saudi Arabia at 10.56 million. This piece separates the geopolitical premium from the physical balance and lays out where each side of the trade is anchored.

Gold hit a one-year low while central banks bought 321 tonnes — the sellers were never the ones you think Spot gold closed at 3,876 on Thursday, down 2.8% and its lowest close in more than a year, with an intraday low near 3,852. The dollar is at a 19-month high of 103.21 and the 10-year yield is at 5.10%, so the price move is easy to explain. What is harder to explain is who sold: central banks bought 321 tonnes in Q3, the PBoC added for a 24th straight month, ETF holdings are near a record 4,256 tonnes, and roughly 95% of the futures selling came from non-reportable and sovereign-type accounts rather than hedge funds. This piece separates the two books that have to balance.

Author Irene Q.

Yesterday 02: 40

Spot gold closed at 3,876 on Thursday, down 2.8% and its lowest close in more than a year, with an intraday low near 3,852. The dollar is at a 19-month high of 103.21 and the 10-year yield is at 5.10%, so the price move is easy to explain. What is harder to explain is who sold: central banks bought 321 tonnes in Q3, the PBoC added for a 24th straight month, ETF holdings are near a record 4,256 tonnes, and roughly 95% of the futures selling came from non-reportable and sovereign-type accounts rather than hedge funds. This piece separates the two books that have to balance.

Today’s Market Recap: Nvidia Drops Over 4% After Jensen Huang Resigns, AMD and Broadcom Both Rise Over 5% On November 12, the three major U.S. stock indices closed slightly lower. Nvidia announced that Jensen Huang had stepped down immediately as CEO and director, draggi

Author TradingKey

Yesterday 01: 29

On November 12, the three major U.S. stock indices closed slightly lower. Nvidia announced that Jensen Huang had stepped down immediately as CEO and director, draggi

Popular Symbols