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

Bitcoin squeezes back above $80,000 — 110,000 traders liquidated as the hawkish Fed and CLARITY setback fail to hold it down; is $83,000 next?Bitcoin closed above $80,000 on Friday for the first time since September 7, and pushed to $81,299 over the weekend, triggering about $603 million of liquidations — $523 million of them shorts — across more than 110,000 traders. With the Fed's hike already priced and the SEC and CFTC advancing crypto rules after the CLARITY Act failed, here is what stands between BTC and the $83,000 gate.

Author Suzie

14 hours ago

Bitcoin closed above $80,000 on Friday for the first time since September 7, and pushed to $81,299 over the weekend, triggering about $603 million of liquidations — $523 million of them shorts — across more than 110,000 traders. With the Fed's hike already priced and the SEC and CFTC advancing crypto rules after the CLARITY Act failed, here is what stands between BTC and the $83,000 gate.

Gold ends three-week slide at the $4,400 line — eight straight days of ETF inflows vs a 5% 10-year and a 100 dollar Spot gold closed Friday at $4,378.39, up 0.84% on the day and about 0.8% for the week — its first weekly gain in four weeks — with the intraday high of $4,399.67 leaving it 33 cents shy of the $4,400 line. Gold ETFs have now logged eight straight sessions of inflows, but with the 10-year back above 5% and the dollar index near 100, here is what decides whether this is a reversal or a bounce.

Author Suzie

15 hours ago

Spot gold closed Friday at $4,378.39, up 0.84% on the day and about 0.8% for the week — its first weekly gain in four weeks — with the intraday high of $4,399.67 leaving it 33 cents shy of the $4,400 line. Gold ETFs have now logged eight straight sessions of inflows, but with the 10-year back above 5% and the dollar index near 100, here is what decides whether this is a reversal or a bounce.

Have Fed Rate Hike Headwinds Been Priced In? Gold Rebounds Strongly Toward $4,400, Poised for a New Rally As of the European session on September 18, gold prices (XAUUSD) extended Thursday's rebound, rising strongly in intraday trading to $4,399.75 today, just shy of the $4,400 psychological

Author TradingKey

Sep 18, Fri

As of the European session on September 18, gold prices (XAUUSD) extended Thursday's rebound, rising strongly in intraday trading to $4,399.75 today, just shy of the $4,400 psychological

US to delay new "overcapacity" tariffs on China — what the pause means for trade, inflation and the dollar Washington is expected to hold off announcing new tariffs over Chinese "overcapacity" until after the 24 September summit, according to Bloomberg. The postponed plan would have added 7.5% to Chinese goods, taking second-term US tariffs to around 20%. Here is what is on the table, and what a deal versus no deal would mean for the yuan, Hong Kong equities and the dollar.

Author Mitrade

Sep 18, Fri

Washington is expected to hold off announcing new tariffs over Chinese "overcapacity" until after the 24 September summit, according to Bloomberg. The postponed plan would have added 7.5% to Chinese goods, taking second-term US tariffs to around 20%. Here is what is on the table, and what a deal versus no deal would mean for the yuan, Hong Kong equities and the dollar.

Gold rebounds to near $4,350 on weaker US Dollar, falling oil prices Gold price (XAU/USD) rises to near $4,345 during the early Asian session on Friday. The precious metal rebounds from a six-week low amid falling oil prices and a weaker US Dollar (USD). Traders continue to assess the latest Federal Reserve (Fed) rate hike and policy cues.

Author FXStreet

Sep 18, Fri

Gold price (XAU/USD) rises to near $4,345 during the early Asian session on Friday. The precious metal rebounds from a six-week low amid falling oil prices and a weaker US Dollar (USD). Traders continue to assess the latest Federal Reserve (Fed) rate hike and policy cues.

Popular Symbols