[Bitcoin Now] Coin Market Rising Alongside US Stock Market

Settling in the 15 Million KRW Range

[Asia Economy Reporter Minwoo Lee] The price of Bitcoin, the representative cryptocurrency, has been fluctuating while gradually rising. Overnight, it slightly increased along with the rise in the New York stock market, settling in the 15 million KRW range.

According to the domestic cryptocurrency exchange Upbit on the 30th, as of 2:09 PM, the price of Bitcoin recorded 15.25 million KRW, up about 0.3% compared to 24 hours earlier. It has been steadily trending upward since the 13th, when it was 13.08 million KRW.

This rise accompanied the increase in major indices of the New York stock market overnight. On the 29th (local time) at the New York Stock Exchange (NYSE), the Dow Jones Industrial Average closed at 26,659.11, up 0.52% from the previous session. The S&P 500 index rose 1.19% to 3,310.11, and the Nasdaq index increased 1.64% to 11,185.59. Along with this, the Bitcoin price rose intraday to $13,600 (approximately 15.38 million KRW).

The Bitcoin futures prices on the Chicago Mercantile Exchange (CME) also turned upward. The most actively traded October contract rose $400 to $13,575, the November contract increased $455 to $13,835, and the December contract went up $465 to $13,940.

The biggest recent positive factor was the news that PayPal, the world's largest simple payment service provider used by about 350 million people worldwide, will offer cryptocurrency services. Earlier, on the 21st (local time), PayPal announced it would add cryptocurrency trading functions by the end of the year and support cryptocurrency payments at all online merchants early next year. As a result, the Bitcoin price surged nearly 1 million KRW in a short time.