Bitcoin just became a whole lot more expensive in Korea: The so-called “Kimchi Premium” hit a three-year high in the Asian country, data from CryptoQuant shows.

The “Kimchi Premium” refers to higher prices for Bitcoin on Korean exchanges. Named after a popular dish in the Asian nation, the phenomenon boils down to the effect of capital controls in Korea. Essentially, it is very difficult to move money in and out of the country.

As a result, the Bitcoin/won trading pair is more common in South Korea compared to the Bitcoin/U.S. dollar pair in other places. So when there is demand for the asset, it will naturally be higher in the country as compared to other places.

And at the start of this week, Bitcoin in Korea was trading 12% higher than elsewhere—the first time the premium has been that high since 2022. In the past, the premium has reached as high as 21.5%, in 2022.

The premium has since dipped to nearly 7%—again, a three-year high. CrytoQuant’s head of research Julio Moreno told Decrypt: “This should be because of retail investor demand as a response to Monday’s flash crash, given that institutions can’t invest in Bitcoin in Korea.”

During Asia trading hours on Monday, Bitcoin took a big hit after U.S. President Donald Trump announced tariffs against Canada, China, and Mexico.

Though Mexico and Canada have since reached deals with the U.S., delaying tariffs by 30 days, 10% levies on imported Chinese products still took effect. What’s more, China hit back with tariffs of up to 15% on American products, like natural gas and pickup trucks, per the South China Morning Post. 

So the U.S. could still very much be headed for a trade war, Standard Chartered warned on Tuesday.

After dropping as low as $92,876, the coin recovered once tentative trade agreements were announced and tariffs were stalled. Bitcoin is now priced at $99,457, according to CoinGecko.

Edited by Stacy Elliott.

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