[Bitcoin Now] Regains 40 Million Won Milestone... Ethereum Also Surpasses 1.7 Million Won

Ethereum Futures Launch on Chicago Mercantile Exchange on the 8th

[Asia Economy Reporter Gong Byung-sun] The leading cryptocurrency Bitcoin has reclaimed the 40 million KRW mark, and Ethereum has surpassed the 1.7 million KRW level, bringing a positive breeze to the cryptocurrency market.

According to the domestic cryptocurrency exchange Upbit, as of 10:47 AM on the 4th, Bitcoin recorded 40,069,000 KRW, up about 4.5% compared to 24 hours earlier. It recovered to the 40 million KRW level six days after Tesla CEO Elon Musk's supportive remarks on Bitcoin on the 29th of last month.

Expectations are growing as the infrastructure for cryptocurrency usage is being established. Global payment technology company Visa is preparing an application programming interface (API) to support banks in handling Bitcoin. According to cryptocurrency-focused foreign media CoinDesk on the 3rd (local time), Visa announced that it is piloting the bank-oriented cryptocurrency handling solution 'Visa Crypto APIs.' Visa Crypto APIs are scheduled to be launched by the end of this year. Kai Sheffield, Visa's Head of Cryptocurrency, explained, "Visa plans to expand services not only for Bitcoin but also for other cryptocurrencies," adding, "This is Visa's strategy to connect financial institutions with the cryptocurrency market."

Positive responses to Bitcoin continued. Scott Minerd, Chief Investment Officer (CIO) of Guggenheim Partners, said in an interview with CNN on the 2nd (local time), "Bitcoin could rise to 600,000 USD (approximately 668.22 million KRW)," but added, "However, institutional participation is still lacking."

Ethereum, ranked second in market capitalization, showed a larger increase. It recorded 1,771,000 KRW, up about 8.8% compared to 24 hours earlier. According to asset data platform Asset Dash, Ethereum surpassed a market cap of 190.6 billion USD, ranking as the 49th largest asset worldwide.

It is analyzed that the upcoming launch of Ethereum futures by the Chicago Mercantile Exchange (CME) on the 8th acted as a positive factor. Cryptocurrency analytics firm Bybit announced on the 3rd (local time) that the open interest in Ethereum futures reached 5.56 billion USD, marking an all-time high.

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