[Bitcoin Now] Surpassing 11 Million Won Amid Halving Expectations

Halving Scheduled for the 11th... Mining Output Halved Every 10 Minutes
Increased Scarcity Raises Price Expectations↑... Prices Also Rose After Past Halvings

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[Asia Economy Reporter Minwoo Lee] The price of Bitcoin, the leading virtual currency (cryptocurrency), has surpassed 11 million won. This is believed to be due to growing expectations for a bullish market as the 'halving' event, which reduces the new issuance volume by half, approaches.

According to the domestic cryptocurrency exchange Upbit on the 6th, as of 4:15 PM, the price of Bitcoin was 10.98 million won, up 0.97% from 24 hours earlier. Around midnight, it even rose to 11.03 million won. Since breaking the 11 million won mark for the first time in two months on the 30th of last month, the price has been fluctuating around the 11 million won level.

The approaching Bitcoin halving is interpreted as reflecting expectations for the start of a bullish market. According to the cryptocurrency statistics site 'Bitcoin Clock,' the halving is scheduled for the 11th. After the halving, the new issuance volume will decrease from 12.5 BTC to 6.25 BTC every 10 minutes. Therefore, expectations that the price will rise due to reduced supply seem to have influenced the market.

Brian Kelly, CEO of BK Capital Management and a Bitcoin bull, explained, "Bitcoin will have greater scarcity value than gold after the halving," adding, "Bitcoin prices also rose significantly after the previous halving."

In fact, Bitcoin prices have risen after each halving. After the first halving on November 28, 2012, Bitcoin's price increased about tenfold from $12.35 to $127 within 150 days. After the second halving on July 9, 2016, Bitcoin's price rose from $650.63 to $758.81 within 150 days.

So far, a total of 18,364,087 Bitcoins have been issued. This corresponds to 91.8% of the total issuance volume of 21 million. As the mining volume decreases with each halving, it is expected that all Bitcoins will be mined around 2140.

Meanwhile, other major cryptocurrencies such as Ripple and Ethereum are also rising slightly. At the same time, Ethereum is trading at 252,500 won, up 0.96% from the previous day. Ripple also rose 0.38% to 266 won.

This content was produced with the assistance of AI translation services.