[Bitcoin Now] Calm Coin Market... Bitcoin Maintains 11 Million Won Level

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[Asia Economy Reporter Minwoo Lee] The price of Bitcoin, the representative virtual currency (cryptocurrency), is maintaining the 11 million KRW range without significant fluctuations.

According to the domestic cryptocurrency exchange Upbit on the 9th, as of 4 PM, the price of Bitcoin was recorded at 11.61 million KRW, down 0.66% compared to 24 hours earlier. It rose to 11.78 million KRW at one point in the morning but then slightly declined, maintaining the mid-11 million KRW range. It has been sideways since breaking through the 12 million KRW range earlier this month. This is the first time Bitcoin has surpassed 12 million KRW since September 21 of last year.

Other major cryptocurrencies such as Ethereum and Ripple are showing similar trends. At the same time, Ethereum fell 0.97% to 291,550 KRW, and Ripple dropped 0.41% to 243 KRW.

Meanwhile, Bloomberg recently forecasted in its 'Bloomberg Crypto Outlook' that Bitcoin could rise up to $20,000 this year. It is evaluated that Bitcoin's position has become stronger amid the economic crisis caused by the novel coronavirus infection (COVID-19).