[Bitcoin Now] Up 4 Consecutive Weeks to 68 Million Won... 6.57%↑ Compared to Last Week

Virtual Asset Interests: 'Spot ETF → April Halving'

The price of Bitcoin has risen to the 68 million KRW range, continuing its rebound trend for four consecutive weeks. Amid continuous inflows of funds into the US Bitcoin spot Exchange-Traded Funds (ETFs), the upcoming halving event in April is seen as a positive factor driving the price upward.

According to the global cryptocurrency market tracking site CoinMarketCap, as of 4:12 PM on the 18th, the price of Bitcoin stood at 68.65 million KRW, down 0.85% from the previous day. Compared to the previous week, it rose by 6.57%, and compared to a year ago, it increased by 109.6%.

Bitcoin's price established a short-term bottom in the high 51 million KRW range on the 23rd of last month and has been steadily rising for about a month. On the 16th, it briefly surpassed the 70 million KRW mark but gave up the 70 million KRW level again due to profit-taking selling pressure.

The supply and demand for Bitcoin spot ETFs remain positive. According to Bloomberg in the US, more than 10 billion USD has flowed into spot ETFs launched in the US as of January 11 (local time) through the 15th. While sales of Grayscale Bitcoin Trust (GBTC) shares have slowed, funds continue to flow into spot ETFs. James Butterfill, Head of Research at CoinShares, a cryptocurrency asset management firm, told the US economic media CNBC, "Investors have realized that demand has started to exceed supply."

The April halving event is expected to be a positive factor supporting prices in the first half of the year. In April, the 'halving'?where Bitcoin's block mining rewards are cut in half?will occur for the first time in four years. From April, Bitcoin mining rewards will decrease from 6.25 BTC per block to 3.125 BTC per block. There is an expectation that reduced supply will lead to price increases. Antony Trenchev, co-founder of cryptocurrency lending firm Nexo Capital, told US CNN, "(The price) has now surpassed 50,000 USD, and in 2024, it is expected to reach 69,000 USD and 100,000 USD," adding, "The narrative is shifting from ETFs to the upcoming halving."

However, concerns remain. According to foreign media, on the 14th (local time), the US Southern District of New York Bankruptcy Court allowed cryptocurrency lending firm Genesis Global Capital (GCC) to liquidate approximately 1.4 billion USD worth of GBTC holdings. Earlier this month, Genesis requested approval to dispose of Grayscale's Bitcoin and Ethereum trust assets to repay debts. Bitcoin prices have previously suffered due to selling pressure stemming from the bankruptcy of the third-largest cryptocurrency exchange, FTX.