[Bitcoin Now] Continuous Rise... Surpassing 14 Million Won, Recovering Last Year's Price

[Asia Economy Reporter Minwoo Lee] The price of Bitcoin, the leading virtual currency (cryptocurrency), is on the rise. It has surpassed 14 million KRW, recovering to its price from a year ago.

As of 3:07 PM on the 18th, according to the domestic virtual currency exchange Upbit, the price of Bitcoin recorded 14.26 million KRW, up 0.41% from 24 hours earlier. Since breaking through the 14 million KRW mark on the 2nd, it has been hovering around that level. This marks the first time in a year since early August 2019 that it has recovered to the 14 million KRW range. Compared to 11.05 million KRW on the 1st of last month, this is an increase of over 29%.

Other virtual currencies also showed an upward trend. Ethereum recorded 498,000 KRW at the same time, having risen to as high as 501,000 KRW during the day. It is touching the 500,000 KRW mark for the first time in about two years since early August 2018. Ripple maintained the same price as the previous day at 366 KRW. It appears to have settled back into the 360 KRW range since February this year.

Industry insiders attribute this upward trend to the recent global central banks lowering interest rates and purchasing bonds on a large scale, leading investors to choose Bitcoin as a hedge against inflation.