[Bitcoin Now] Will the Coin Market See a Breeze... 3 Consecutive Days Above 10 Million Won

As the May Bitcoin Halving Approaches, Potential to Stimulate Investor Sentiment

Source=Screenshot from Upbit, a domestic virtual currency exchange

[Asia Economy Reporter Minwoo Lee] The price of Bitcoin, the leading virtual currency (cryptocurrency), has maintained the 10 million KRW mark for three consecutive days. Since breaking through this level for the first time in two months last November, the price has shown little sign of decline. This trend is attributed to the upcoming halving event, which will reduce production by half, as well as the approaching Chinese Lunar New Year, which is seen as a positive factor.

According to Upbit, a domestic virtual currency exchange, Bitcoin was priced at 10,008,000 KRW around 6 a.m. on the 20th. Although it slightly dropped afterward, it has remained in the high 9.9 million KRW range. This contrasts with the beginning of the year when it hovered around 8.3 million KRW.

Following the upward trend of the 'blue-chip' Bitcoin, other cryptocurrencies such as Ethereum also showed gains. As of 3 p.m. on the same day, Ethereum was priced at 190,000 KRW. Since surpassing 200,000 KRW at 11:20 p.m. on the 18th, it has fluctuated between the high 190,000 KRW range and 200,000 KRW. Ethereum exceeding 200,000 KRW is also the first time in two months since last November. ADA rose 0.21% from the previous day to 47.10 KRW, and Stellar Lumens traded at 68 KRW, up 1.64%.

Industry experts believe that the upcoming Bitcoin 'halving' in May, which will reduce Bitcoin production by half, has stimulated investors' buying sentiment. Additionally, there is analysis that buying enthusiasm has increased again ahead of the Chinese Lunar New Year on the 25th. Previously, during the Chinese Lunar New Year period in February last year, Bitcoin prices rose from the 3.7 million KRW range to the 4 million KRW range in just one day.