[Bitcoin Now] Bitcoin Approaching 9 Million Won Threshold

Around 9 AM, Recorded 8.96 Million Won... Highest Since the 12th of Last Month

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[Asia Economy Reporter Minwoo Lee] The price of the leading virtual currency (cryptocurrency) Bitcoin surged to nearly 9 million KRW at one point in the morning. As the increase in confirmed cases of the novel coronavirus infection (COVID-19) slowed down, investor sentiment appears to have improved, with rebounds seen not only in the U.S. stock market but also in the domestic stock market.

According to the domestic virtual currency exchange Upbit on the 7th, as of 11:10 a.m., the price of Bitcoin was recorded at 8.75 million KRW, about 7% higher than the previous day's low of 8.18 million KRW. Around 9 a.m. that day, it rose to 8.96 million KRW, approaching 9 million KRW. This is the highest price since the 12th of last month.

Major virtual currencies such as Ethereum and Ripple also rose compared to the previous day. At the same time, Ripple was recorded at 239 KRW, having already surpassed the previous day's high of 238 KRW in the morning. Ethereum also showed an upward trend, reaching 210,000 KRW around 9 a.m. that day, the highest since the 12th of last month. It then slightly declined, showing 200,000 KRW as of 11 a.m.

Industry insiders believe that investor sentiment has improved as the spread of COVID-19 in the U.S. has somewhat slowed. However, there are also opinions that it is difficult to assume a full recovery phase since the economic damage caused by the COVID-19 situation is becoming more serious.

On the 6th (local time), the U.S. S&P 500 index closed up 7.03%, the Dow Jones Industrial Average rose 7.73%, and the Nasdaq increased by 7.33%. This is believed to be due to growing expectations that COVID-19 can be controlled and additional policies to fill the economic void. On the same day, the domestic KOSPI index also opened above 1800. This is the first time the KOSPI index has surpassed 1800 since the 16th of last month.