At one time on the morning of the 14th, the cryptocurrency 24 hour transaction amount recorded 16 trillion won… Both KOSPI and KOSDAQ exceeded
Bitcoin is spotlighted as an asset hedging tool for 8 consecutive days due to the impact of high prices and inflation concerns
On the afternoon of the 14th, a citizen is checking the bitcoin price through a monitor. On this day, the price of bitcoin on the domestic exchange once exceeded 70 million won per piece. yunhap news
As Bitcoin, the leader of cryptocurrency (virtual currency), set a new record of 71 million won in unit price, the average daily transaction amount exceeded KOSPI.
According to CoinMarket.com, a cryptocurrency statistics website on the 14th, the amount of transactions for the last 24 hours of the four major domestic exchanges as of 5 p.m. on the 14th was Upbit 9,962.9 billion, Bithumb 2.5594 billion, and Coinone 4841 billion. And Corbit KRW 51.6 billion, all of which were totaled at 13.58 trillion won.
The amount of domestic transactions rose to 16 trillion 6947 billion won as of 3 am, which was earlier than this. This is the amount that exceeded both the average daily transaction amount of KOSPI (16,459 billion KRW) and the average daily transaction amount of KOSDAQ (11,4126 billion KRW) in March.
This was influenced by the rising bitcoin price without knowing that the sky was high.
According to the cryptocurrency exchange Upbit that day, as of 5 pm on the day, 1 bitcoin was traded at 72 million won. Bitcoin recorded 71.4 million won around 9:25 am on the same day, and recorded a new high price record for 8 consecutive days since the 7th.
On the same day, bitcoin was traded for around 71 million won on other exchanges such as Bithumb. Unlike the stock market, cryptocurrencies are traded on an exchange basis and are priced. Even for the same type, the price is slightly different for each exchange.
Bitcoin is soaring in the aftermath of U.S. President Joe Biden’s signing of a massive economic stimulus package worth $1.9 trillion (about 2,140 trillion won) on the 12th. As inflation due to large fiscal expenditures was expected, demand for bitcoin surged as one of the hedging tools for assets such as gold.
In a recent interview with CNN, Stephen Eirrich, CEO of Voyager Digital, a US cryptocurrency brokerage, said, “Bitcoin is a substitute for gold (as a hedging tool) because it has a limited number of circulations. It is not a medium for trading, but rather like gold in the virtual world,” he explained.