[Bitcoin Now] Musk Mentions Resuming Bitcoin Payments, Price Rises to 44 Million Won Range

Bitcoin System to Be Improved... Taproot Upgrade Scheduled for November
Some Altcoins Irrecoverable Following Upbit's Designation as Cautionary Items

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The leading cryptocurrency Bitcoin has risen to the 44 million KRW range. This was driven by Tesla CEO Elon Musk's mention of resuming the Bitcoin payment system.

According to the domestic cryptocurrency exchange Upbit, as of 7:18 AM on the 14th, Bitcoin recorded 44.51 million KRW, up 7.45% compared to the previous day. It had dropped to 40.54 million KRW at 1:04 PM the previous day but then rebounded.

The price increase is interpreted as a result of CEO Musk's indication that Bitcoin payments might be allowed again. On the 13th (local time), Musk tweeted, "Tesla has sold only 10% of the Bitcoin it holds, which was to verify liquidity," and added, "If miners' reasonable use of clean energy is confirmed, Tesla will resume Bitcoin payments." Previously, on the 12th of last month, he announced the suspension of the Bitcoin payment system due to environmental concerns.

News of improvements to the Bitcoin system also acted as a positive factor. According to the US economic media CNBC on the 12th, Bitcoin miners worldwide approved the introduction of the 'Taproot' upgrade. The Taproot upgrade refers to switching to 'Schnorr signatures,' which make transactions with multiple signatures unreadable, thereby enhancing transaction security and efficiency. It also allows the use of 'smart contracts' that do not require intermediaries for complex transactions. CNBC explained, "If Bitcoin builds smart contracts, it can play a greater role in the decentralized finance system where Ethereum currently holds an advantage." The Taproot upgrade is scheduled to be implemented in November.

Meanwhile, some altcoins have not escaped sluggishness. On the 11th, Upbit designated 25 types of cryptocurrencies as cautionary items. For example, Pixel fell about 70% in three days, recording 21.10 KRW. Other cryptocurrencies such as Endor, Einsteinium, and Twelveships also dropped to prices from which recovery seems impossible. Investors expressed that they could not understand Upbit's sudden designation of cautionary items and demanded disclosure of listing and delisting criteria. Upbit plans to review for one week and decide whether to end trading support for the cryptocurrencies designated as cautionary items.