Bitcoin Surpasses 70 Million Won... Also Exceeds Facebook's Market Cap

Surpassing the 70 Million Won Mark in About 5 Months

[Asia Economy Reporter Gong Byung-sun] The leading cryptocurrency Bitcoin has surpassed the 70 million KRW mark. Bitcoin's market capitalization has also exceeded that of Facebook.

According to the domestic cryptocurrency exchange Upbit, as of 12:52 PM on the 11th, Bitcoin recorded 70.06 million KRW, up 3.35% from the previous day. It has been on an upward trend since the 8th. As of 4:30 PM on the same day, Bitcoin showed a slight pause, recording 69.72 million KRW, up 2.85% from the previous day.

This is the first time Bitcoin has surpassed the 70 million KRW mark since May 12. In April this year, Bitcoin rose to an all-time high of 81.99 million KRW and was on an upward trend, but it began to decline in May. It even dropped to 33.9 million KRW on June 22.

However, Bitcoin has been rising this month amid expectations that related exchange-traded funds (ETFs) may be launched in the U.S. stock market. On the 29th of last month (local time), Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), said at the North American Asset Management Future Conference, "I expect the SEC's relevant department to review the application documents related to Bitcoin ETFs." Accordingly, the industry expects a decision on the launch of Bitcoin ETFs by November.

Along with the upward trend, Bitcoin's market capitalization has surpassed Facebook's. According to the cryptocurrency market status relay site CoinMarketCap on the 11th, Bitcoin's market capitalization recorded 1.0692 trillion USD (approximately 1,278.7632 trillion KRW). This exceeds Facebook's market capitalization of 939.49403 billion USD. On the 7th, Bitcoin's market capitalization surpassed the 1 trillion USD mark again for the first time in about five months since May 11.