[Bitcoin Now] Uptrend from New Year's Day... Surpasses 38 Million Won

Upward Trend Expected to Continue for the Time Being

[Asia Economy Reporter Minwoo Lee] The price of Bitcoin, the leading virtual currency (cryptocurrency), has shown strength since the beginning of the new year, surpassing 38 million KRW.

According to the domestic virtual currency exchange Upbit on the 4th, the price of Bitcoin recorded 38.04 million KRW as of 2:25 PM. This is a 1.35% increase compared to 24 hours earlier. Around 1:06 PM, it even reached an all-time high of 38.48 million KRW. The price has been steadily rising since the start of the new year. Compared to the opening price of 32.04 million KRW on the 1st, it has increased by about 20%.

Other major virtual currencies are also on the rise. Ethereum recorded 1.2 million KRW at the same time, up 7.77% compared to 24 hours earlier. ADA and EOS also rose by 11.11% and 7.86%, respectively.

Although prices have risen about 300% since October last year, there are forecasts that they could rise further. Especially as large institutional investors continue to invest in virtual assets, the industry expects the upward trend to continue for the time being. Mike Novogratz, a billionaire former Goldman Sachs executive and CEO of Galaxy Digital, a global cryptocurrency investment firm, recently stated, "The start of the rise in virtual assets was due to governments printing money and lowering the value of fiat currencies," adding, "Institutional investors actively entering virtual asset investments has been an important factor behind the recent surge."

Major foreign media outlets are also expressing positive views on virtual currencies. CNN in the United States reported, "As the US dollar continues to weaken, investors are flocking to virtual currencies including Bitcoin," and forecasted, "Bitcoin’s popularity will continue as the Federal Reserve is expected to maintain 'zero interest rates' for the time being."