The cryptocurrency bitcoin price hit a record high every day, approaching the 40 million won line.
According to the domestic cryptocurrency exchange Upbit, as of 2 pm on the 3rd, the bitcoin price soared about 8% during the week, exceeding 38 million won. The price has risen by more than 8 million won in a week since the 27th of last month, the first domestic exchange to record 30 million won. The international market also showed a sharp rise. According to CoinDesk, a global cryptocurrency media, as of 1 am on the 3rd (based on the eastern United States), the bitcoin price is continuing the rally, surpassing the all-time high of $35,500 (about 36 million won). It set a new record again in less than a month after breaking the $20,000 mark last month. Over the past year, bitcoin prices have tripled.
CNN analyzed that “as the US dollar is weakening, investors are flocking to the cryptocurrency market including Bitcoin.” “The Federal Reserve System is expected to maintain zero interest rates in the next few years,” he added. “It seems that Bitcoin will continue to attract new fans.”
With this rise, experts believe that the price of bitcoin is likely to rise further. This is because not only the perception of bitcoin has changed among major companies, but the movement to recognize its value as a real currency is spreading.
On the 31st of last month (local time), VanEck Associates, an asset management company in the United States, submitted an application for the establishment of the’BanECBitcoin Trust’ to the Securities and Exchange Commission (SEC). Upon approval, the first ETF will be created that is linked to the Bitcoin price.
In addition, governments of each country have invested enormous budgets to prevent the economic downturn caused by Corona 19 last year. Accordingly, as market liquidity increased, demand for bitcoin increased significantly. “Digital currency can replace gold,” said Rick Leader CIO of Black Rock, the world’s largest asset management company. Earlier, Citibank of the United States received attention by predicting that “Bitcoin could soar to $318,000 by the end of 2021.”
On the other hand, Nicholas Fellercano, head of trading at NEM, a cryptocurrency company, said, “We will record $50,000 until Valentine’s Day (February 14).” I hope they are not caught up in this happiness.” Earlier, in December 2017, the price of Bitcoin was close to 20,000 dollars, causing a massive frenzy, but in the following three months, it plunged to the 3,000 dollar level, raising questions about price stability.
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