According to Bithumb, a cryptocurrency exchange on the 5th, as of 10:51 a.m. on the day, bitcoin is trading at around KRW 37.87 million.
Bitcoin fell sharply last night after hitting a daily high until the previous day.
According to Coinbase, the largest cryptocurrency exchange in the United States, bitcoin was traded for $27,600 (about 30 million won) at 7 p.m. on the 4th of Korea time. That’s nearly 10% less than 24 hours ago. However, it rebounded immediately after the plunge and recovered the current $34,000 level.
Earlier, Bitcoin surged more than 1.5 times in a month thanks to its ultra-low interest rate and abundant liquidity. After surpassing $30,000 on the 2nd for the first time, on the 3rd the next day, it reached a record high of $34,800.
Bitcoin, which fell to 6 million won in won in March last year, rose to 20 million won in November last year and 30 million won in December.
Bitcoin’s recent surge in market price, which showed a sharp rise in the past, is interpreted as reflecting the demand for investment in response to monetary easing policies following the spread of the novel coronavirus infection (Corona 19).
In particular, the news that PayPal, the world’s largest online payment platform with 350 million users, will start a cryptocurrency payment service from this year is analyzed to have accelerated the upward trend. Citibank, which is optimistic, has also predicted that the price of bitcoin will rise to 318,000 dollars (about 345 million won) within this year.
Currently, the market capitalization of Bitcoin has exceeded $600 billion and KRW 655 trillion in won. This is similar to Tesla’s market capitalization ($668.9 billion).
Reporter Seungbin Hong [email protected]
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