Not only has the price fallen, but the premium has evaporated
In early January, Bitcoin prices were trading $7500 higher in South Korea than they were on US exchanges. It was called the Kimchi Premium.
Now, it's gone. Adjusting for FX, South Korean Bitcoin exchanges trade at roughly the same as US exchanges.
As a result, it's been a double-whammy for South Korean bulls. On the Bithumb exchange, Bitcoin is down 64% in South Korean won since January 5, when it hit a high there.
In fact, the BTC/KRW chart on Bithumb differs vastly from BTC/USD at Bitfinex. Rather than a peak and drop, there is a higher peak in January that appears to be a false breakout. Today's drop also fell to the lowest since mid-November, unlike in the US where it's back to the final days of Nov.
BTC/KRW chart on Bithumb:
BTC/USD on Bitfinex:
