[Bitcoin Now] Returns to $20,000 Level... Up $1,000 in Just Over 3 Hours

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Myung-hwan Lee] Bitcoin prices surged sharply within a short period, returning to the $20,000 level.

According to the global cryptocurrency market tracking site CoinMarketCap as of 4:25 PM on the 27th, the price of Bitcoin was recorded at $20,233 (approximately 28.78 million KRW), up 7.28% from the previous day. This is the first time Bitcoin has surpassed $20,000 since the 18th of this month.

At around 9 AM on the same day, Bitcoin prices were rising in the low $19,000 range, then surged nearly $1,000 within just over three hours. At around 12:29 PM, the price reached $20,229 (approximately 28.8 million KRW) and has since fluctuated around that level.

Although the U.S. stock market, which tends to move in sync, closed lower, the strong performance led some analysts to suggest that certain investors sought refuge in the cryptocurrency market. Additionally, unverified information spreading on social networking services (SNS) appears to have contributed to the price increase. On platforms such as Telegram and Twitter, unconfirmed reports are circulating that Jerome Powell, Chairman of the U.S. Federal Reserve (Fed), will make remarks related to the cryptocurrency market.

Chairman Powell is scheduled to attend a monetary policy conference hosted by the Bank of France. At this event, he will discuss "financial stability issues arising from the digitalization of financial services" with Christine Lagarde, President of the European Central Bank (ECB), among others.