The leading cryptocurrency Bitcoin has resumed its rally.
According to CoinMarketLab as of 5:40 AM on the 26th, the price of one Bitcoin was $70,868 (9,497,000 KRW). This is a 7% increase compared to 24 hours earlier.
Bitcoin recovering the $70,000 level is the first time in 11 days since the 14th. At the same time, on the domestic exchange Upbit, the price of one Bitcoin was 103,500,000 KRW. The fact that Bitcoin is traded at a higher price domestically is called the ‘Kimchi Premium.’ Based on domestic prices, the price of one Bitcoin surpassing 100 million KRW is the first time in 5 days since the 21st.
After reaching an all-time high of $73,800 on the 13th, Bitcoin drew a downward curve for a week and at one point threatened the $60,000 level. On the 20th, although the U.S. Federal Reserve (Fed) maintained its outlook of cutting the benchmark interest rate three times within the year despite inflation, it did not become a factor for Bitcoin to enter the $70,000 range. Inflows into spot Bitcoin exchange-traded funds (ETFs) were also sluggish. Last week, as funds continued to flow out from Grayscale’s ETF, which converted the Bitcoin fund (GBTC) into an ETF, the total outflow from 10 U.S. spot ETFs reached $900 million.
Nathaniel Cohen, co-founder of the digital asset hedge fund Indigo Fund, said, "Although inflows into ETFs have slowed, buy orders are coming in around the $60,000 level, indicating a strong willingness in the market to buy the dip."
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