[Bitcoin Now] Surpasses 12 Million Won... Highest Price in 8 Months

Highest Price Since Last September... Reflecting Halving Expectations

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[Asia Economy Reporter Minwoo Lee] The price of Bitcoin, the leading virtual currency (cryptocurrency), surpassed 12 million KRW, marking the highest level in about eight months.

According to the domestic virtual currency exchange Upbit on the 8th, Bitcoin's price reached 12.16 million KRW at around 9:48 a.m. This is the highest price since September 21 of last year. Compared to 5.49 million KRW recorded on March 13, it has risen by about 220%. As of 10:30 a.m., the price slightly dropped to 12.08 million KRW. This is attributed to the global economy, which had slowed due to the novel coronavirus infection (COVID-19), showing signs of gradual recovery, combined with expectations surrounding the halving event where Bitcoin mining rewards are cut in half.

According to the virtual asset statistics site 'Bitcoin Clock,' the halving start point, when the 630,000th block is mined, is expected to be on the 11th. After the halving, the new issuance amount will decrease from 12.5 BTC to 6.25 BTC every 10 minutes. Therefore, expectations of price increases due to reduced supply seem to be at play.

In fact, Bitcoin prices have risen every time after a halving event. 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 after 150 days. However, since the price increase occurred after a certain period rather than immediately after the halving, experts warn against 'blind investment.' Some opinions suggest that additional price increases may be difficult as expectations for the halving have already been reflected in the price.

Meanwhile, along with the rise of the 'blue-chip' Bitcoin, prices of other major virtual currencies are also trending upward. At the same time, Ethereum is trading at 260,000 KRW, up 2.04% from 24 hours ago. Ripple is trading at 267 KRW, up 1.14%. EOS rose 1.81% to 3,380 KRW.

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