Bitcoin’s Brutal Week Is Even Worse in South Korea

The deepening selloff in cryptocurrencies has just claimed another victim: Bitcoin’s kimchi premium. Prices for the virtual currency in South Korea have tumbled back in line with those on overseas exchanges for the first time in seven weeks, erasing a gap that had swelled to 51 percent in early January. The premium had been so persistent — and so unique among major markets — that traders named it after Korea’s staple side dish.