By Shikha Singh
South Korea’s Bitcoin ‘Kimchi Premium’ Soars To 10-Month High Amid Trump-Led Tariff War Concerns.
South Korea’s Bitcoin “Kimchi Premium” reached a 10-month high, peaking at 9.7% early on Monday, amid a broader global crypto sell-off.
The Kimchi Premium refers to the price difference between Bitcoin on South Korean exchanges and elsewhere, often driven by local market conditions and regulatory restrictions.
This premium spiked following the announcement of new tariffs by U.S. President Trump, which triggered fears of a prolonged trade war and its impact on inflation.
The premium has since decreased to 8.24%. Analysts suggest the premium could remain elevated if U.S. selling pressure continues, but historically it averages around 5%.
South Korea, with one of the world’s most active crypto markets, saw its Upbit exchange process over $187 billion in transactions in January.
Bitcoin Dominance Skyrockets as Altcoins Bleed Out.
Bitcoin’s price continued its decline on Monday, dropping to a three-week low of around $91,000 after starting at over $106,000 just days earlier.
This slump followed U.S. President Trump’s imposition of tariffs, triggering a market-wide sell-off. While Bitcoin bounced back to around $95,000, its market cap fell below $1.9 trillion, though its dominance over altcoins increased to nearly 59%.
Ethereum dropped from over $3,000 to under $2,300, and other cryptocurrencies like BNB, XRP, and ADA experienced double-digit losses. Overall, the crypto market saw a $400 billion loss, bringing the total market cap to just above $3.2 trillion.
Coinbase Secures Spot on UK Crypto Register.
Coinbase has become the largest crypto exchange to operate in the U.K. after securing a spot on the Financial Conduct Authority’s (FCA) register, allowing it to offer both crypto and cash services for the first time in the country.
This approval follows six months of preparation, with only 14% of applicants succeeding in gaining FCA registration. Coinbase’s U.K. subsidiary, CB Payments Ltd., previously offered e-money services, but now it can also provide crypto services.
This registration allows Coinbase to directly communicate with the FCA about future plans, including staking and stablecoins, under the U.K.’s new crypto regulations.
Monochrome Brings First Aussie Bitcoin, Ethereum ETFs to Singapore Market.
Monochrome Group, an Australian crypto-asset firm, has registered its Bitcoin (IBTC) and Ethereum (IETH) ETFs with Singapore’s Monetary Authority, marking its expansion into Southeast Asia.
These ETFs are designed for institutional and accredited investors, with a minimum transaction requirement of S$200,000.
Monochrome aims to build infrastructure for institutional access to Bitcoin, focusing on long-term stability rather than short-term price movements.
The firm has partnered with Anadara Capital and BitGo Trust Company to enhance its offerings and security.
This move comes amid growing institutional demand for regulated crypto products, especially in the face of global economic uncertainties.
NFT Sales Drop 40% in 30 DAYS, CryptoPunk Tops Trades.
From mid-December 2024 to the end of January 2025, the NFT market saw expensive trades, with Cryptopunk #6472 becoming the highest-traded NFT at $740,180.
However, overall market activity slowed, with a 40.80% decline in NFT sales over the past 30 days and a drop in buyers by 6.88%.
Despite this, the number of NFT sellers rose by 10.75%, and total sales volume reached $124.4 million, down 32.45%.
Experts anticipate that the NFT market may follow the trends of the broader crypto market and potentially see growth.
Russia Plans To Create Mandatory Registry For Crypto Mining Equipment.
Russia’s Ministry of Energy has announced plans to create a mandatory registry for crypto mining equipment, aiming to regulate and identify mining activities more effectively, especially in regions where mining is banned.
Without registration, crypto mining would be “impossible.” This move is part of amendments to existing regulations, following a crypto mining ban in certain regions due to power shortages.
Additionally, the Russian Federal Taxation Service (FNS) has introduced a new feature allowing crypto miners to report their earnings online, with tax rates set at 13% for earnings up to 2.4 million rubles and 15% for higher earnings.
Miners must also report monthly, with a deadline by the 20th of the following month.
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