[Bitcoin Now] Approaching 36 Million Won... Ethereum Also Up 13%

Rising Trend in Resolving Duplicate Payment Suspicion

[Asia Economy Reporter Gong Byung-sun] On the 21st, Bitcoin, the representative virtual currency (cryptocurrency), which had fallen to the 31 million KRW range, reached 36 million KRW.

According to the domestic cryptocurrency exchange Bithumb, as of 11:16 AM on the 25th, Bitcoin recorded 35,965,000 KRW, up about 2.21% compared to 24 hours earlier. Around 11:02 AM, it had risen to 36,020,000 KRW. Although it fell to the 31 million KRW range on the 22nd, it has since steadily fluctuated between the high 35 million KRW range and the low 36 million KRW range.

This appears to be due to continued positive forecasts about Bitcoin. Cryptocurrency specialized media Cointelegraph reported on the 23rd (local time) that a report predicting Bitcoin will reach $115,000 (approximately 127.07 million KRW) on August 1 was released. Cryptocurrency investment company Pantera Capital emphasized in the report that the market value is concentrated in Bitcoin and Ethereum, indicating it has entered a mature phase.

The disappearance of concerns due to the revelation that the duplicate payment suspicion was misinformation also seems to have acted as a positive factor. On the 20th (local time), cryptocurrency-related institution BitMEX Research raised suspicions of Bitcoin double spending. In response, the US economic magazine Fortune reported on the 23rd (local time) that “there is no substantial evidence for the suspicions spreading in the market” and that “it is not a technical issue.”

However, there were also warnings that a larger correction could come. Famous cryptocurrency analyst Joseph Young warned through Cointelegraph on the 23rd (local time) that “if the US dollar continues its recovery trend, the possibility of a larger correction remains,” adding “currently, Bitcoin is in a state where institutional demand is quiet after reaching a peak.”

Ethereum, the second largest cryptocurrency by market capitalization, rose even more sharply. It recorded 1,564,000 KRW, up about 13.40% compared to 24 hours earlier. Although it fell to the 1.1 million KRW range on the 22nd, it is on the rise again.

Interpretations suggest that technological strength and positive outlooks positively influenced Ethereum’s rapid recovery. Ethereum began development in December to build an efficient mechanism. Cryptocurrency specialized media Coindesk explained that “this development will reduce transaction confirmation times and allow processing of larger amounts of data.” Additionally, the Chicago Mercantile Exchange (CME) announced last December that it plans to launch Ethereum futures derivatives on February 8.