[Bitcoin Now] Surpasses 51 Million Won... Rosy Prospects for US Apple Entry

Bitcoin Surpasses 51 Million Won the Previous Day... Hits All-Time High
Apple and Other NYSE-Listed Companies Could Push It Up by Another $40,000
Ethereum Futures Trading Begins on Chicago Mercantile Exchange

[Image source=Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The representative virtual currency (cryptocurrency) Bitcoin surpassed 51 million KRW the previous day, setting a new all-time high. Analysts suggest that if companies listed on the New York Stock Exchange, such as Apple, participate in the cryptocurrency market, Bitcoin prices could rise even further.

According to the domestic cryptocurrency exchange Upbit, as of 10:25 AM on the 10th, Bitcoin was recorded at 48.619 million KRW, down about 3.3% compared to the previous day. After reaching an all-time high of 51.2 million KRW at 3:33 PM the previous day, the market is currently taking a slight breather.

If Apple enters the cryptocurrency market following Tesla, it is expected to quickly dominate the market and push Bitcoin prices higher. According to U.S. economic media Bloomberg on the 8th (local time), RBC Capital Markets predicted that if Apple develops a cryptocurrency exchange, it could immediately capture market share. Mitch Stevens, an analyst at RBC Capital Markets, said, "If Apple enters the cryptocurrency exchange market, it could generate annual revenues exceeding $40 billion (approximately 44.496 trillion KRW). Apple has superior security technology compared to online payment companies PayPal and Square, which could solve identification procedure issues customers face when purchasing cryptocurrencies."

Not only Apple but also more companies participating is expected to increase the value of cryptocurrencies. According to cryptocurrency specialized foreign media Coindesk, on the 9th (local time), Konstantin Kogan, CEO of Wave Financial, said, "If all S&P 500 companies allocate more than 1% of their funds to Bitcoin, Bitcoin could have an additional upside potential of about $40,000."

Meanwhile, at the same time, Ethereum also recorded 1.879 million KRW, up about 1.3% compared to the previous day. At 6:02 PM the previous day, it rose to 1.924 million KRW, surpassing the 1.9 million KRW mark for the first time this year.

The successful launch of Ethereum futures products on the Chicago Mercantile Exchange (CME) acted as a positive factor. According to Coindesk, 388 Ethereum futures contracts were traded on the CME on the 8th (local time) in one day. This corresponds to about 19,400 Ethereum, worth approximately $33.6 million. Stefan Coolican, Chief Financial Officer (CFO) of cryptocurrency investment firm Ether Capital, said, "The start of CME futures trading will be a major milestone for Ethereum," adding, "Institutions will be able to access Ethereum more easily."

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