[Bitcoin Now] Maintaining 20 Million Won Level... Solid Despite Stock Market Slump

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[Asia Economy Reporter Minwoo Lee] Despite the domestic stock market faltering, the representative cryptocurrency Bitcoin price is steadily maintaining the 20 million KRW range.

According to the domestic cryptocurrency exchange Upbit on the 8th, as of 3:13 PM, the Bitcoin price recorded 20.91 million KRW, up 0.36% compared to 24 hours earlier. Since recovering to the 20 million KRW level on the 30th of last month, it has stabilized firmly in the 20 million KRW range.

The price of Ethereum, also considered a representative cryptocurrency alongside Bitcoin, shows a similar trend. It recorded 644,600 KRW, up 0.09% compared to 24 hours earlier. Since surpassing the 600,000 KRW level on the 30th of last month, it has been maintaining the 600,000 KRW range steadily.

On the other hand, the domestic stock market, which had surged sharply until recently, appears to be faltering. As of 3:22 PM on the same day, the KOSPI recorded 2,703.43, down 1.53% from the previous day. The KOSDAQ's decline was even larger, falling 2.16% compared to the previous trading day to 906.89.

This seems to be influenced by the global risk asset preference sentiment following progress in the development of the novel coronavirus (COVID-19) vaccine.