Breaking KRW 70 million per bitcoin
A total of 16.7 trillion transactions recorded in 4 domestic locations
Expectations for safe investment destinations due to inflation concerns
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Bitcoin price exceeded 71 million won per piece for the first time ever. As investors continued to buy bitcoin on the rise, the amount of transactions in the domestic cryptocurrency market exceeded the average daily transaction amount in the KOSPI market.
According to the cryptocurrency exchange Upbit on the 14th, bitcoin recorded 70.6 million won as of 4 p.m. on the day. Bitcoin surpassed 70 million won this morning, and the price soared to the sky. At Upbit, Bitcoin surpassed 70 million won at 5:24 am, followed by 71 million won at 8:45 am. On another exchange, Bithumb, Bitcoin recorded 70 million won for the first time at 5:13 am. Bitcoin was traded at around 70 million won in the afternoon on most exchanges. Unlike the stock market, cryptocurrencies are traded on an exchange basis, so even if they are of the same type, the transaction price is slightly different for each exchange.
As the price of bitcoin soared, the total cryptocurrency transaction amount at one time exceeded the amount in the domestic stock market. According to CoinMarketCap, a global cryptocurrency market relay site, as of 3 a.m. on the day, the total amount of transactions for the last 24 hours of the four major domestic exchanges reached 16.69 trillion won. It exceeded the average daily transaction amount of KOSPI in March (KRW 16,459 billion) and the average daily transaction amount of KOSDAQ (KRW 11,4126 billion).
Industry analysts analyzed that as inflation concerns have increased recently, expectations that bitcoin can become a safe investment destination have risen. US President Joe Biden signed an economic stimulus package worth $1.9 trillion on the 12th, seeing that the cash value will drop, and investors were looking for new investments.
The fact that companies boost demand is one of the main reasons for the price surge. Bitcoin’s rise began in earnest after announcing in October last year that US online payment company PayPal will be able to use cryptocurrency as a payment method. The US electric vehicle company Tesla also announced last month that it would purchase $1.5 billion worth of bitcoin and accept it as a payment method. In addition, financial companies such as May2, the largest beauty app company established in China, and Black Rock and Goldman Sachs, are also investing in Bitcoin.
/ Reporter Ji-young Kim [email protected]
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