Bitcoin Surpasses 30 Million Won for the First Time in History
[Asia Economy Reporter Cho Hyun-ui] Bitcoin, the leading cryptocurrency, has surpassed 30 million KRW per coin for the first time.
According to the cryptocurrency exchange Upbit on the 27th, Bitcoin was traded at 30.01 million KRW at around 10:08 AM. Compared to a year ago, this marks an increase of over 200%, and it is the first time that the price of 1 Bitcoin has exceeded 30 million KRW on a domestic cryptocurrency exchange.
Afterwards, the Bitcoin price on Upbit slightly declined and was moving around 29.4 million KRW at approximately 12:30 PM. On another exchange, Bithumb, 1 Bitcoin briefly rose to 29.99 million KRW in the morning before falling back to the 29.4 million KRW range.
Bitcoin has continued its upward trend since breaking through 20 million KRW about three years ago last month. This is because cryptocurrencies are being regarded as alternative safe assets amid the spread of the novel coronavirus disease (COVID-19).
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In particular, in October this year, the US online payment company PayPal announced plans to allow trading of Bitcoin and other cryptocurrencies on its platform, fueling the upward momentum.
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