[Bitcoin Now] Surpasses 72 Million Won to Hit New High... Gradual Inclusion in Mainstream Financial Sector

Goldman Sachs in the US Preparing Direct Bitcoin Financial Products
Concerns That the Peak Has Already Been Reached

On the morning of the 1st, the price of Bitcoin is displayed on the Upbit Lounge price board in Gangnam-gu, Seoul.
[Image source=Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The representative cryptocurrency Bitcoin has surpassed 72 million KRW, setting a new all-time high once again. The price appears to have risen as mainstream financial institutions have begun to actively handle Bitcoin.

According to the domestic cryptocurrency exchange Upbit, as of 10:12 AM on the 1st, Bitcoin recorded a new high of 72.26 million KRW, up about 1.04% from the previous day. It has been trending upward since it dropped to 62.5 million KRW during trading on the 25th of last month. As of 2 PM on the same day, it showed a slight decline to 71.78 million KRW.

It was a positive factor that mainstream financial institutions such as Goldman Sachs, the largest bank in the United States, began dealing with Bitcoin-related products. On the 31st of last month, Mary Rich, Head of Global Digital Assets at Goldman Sachs, said in an interview with the US economic media CNBC, “We are reviewing various ways to offer cryptocurrency-related financial products to individual clients,” adding, “We will start selling cryptocurrency investment products from the second quarter.” Previously, Goldman Sachs announced on the 1st of last month that it would establish a cryptocurrency trading desk to trade Bitcoin futures and others, but this is the first time it is directly creating related financial products. CNBC analyzed on the 16th of last month that competition with Morgan Stanley, a major US investment bank that announced it would operate a Bitcoin fund, has become inevitable.

The Chicago Mercantile Exchange (CME) in the United States is preparing a new Bitcoin futures product. According to the US economic media Bloomberg on the 31st of last month (local time), CME announced that it plans to launch ‘Micro Bitcoin Futures’ in May. CME explained, “Micro Bitcoin Futures are financial products that allow Bitcoin to be divided into one-tenth for settlement,” adding, “They are suitable for risk-averse investors and will further contribute to reducing volatility.”

Meanwhile, claims have also been made that a correction period in the cryptocurrency market is approaching. According to CNBC on the 31st of last month, Boras Shlosberg, Foreign Exchange Strategy Director at BK Asset Management, said, “Bitcoin is still highly volatile, so the actual utilization of the cryptocurrency payment system launched by the overseas payment company PayPal will be low,” adding, “The current Bitcoin rally may simply be to attract attention.” He further added, “Considering that the cryptocurrency rally has lasted too long, it could be a peak from a mid-term perspective.”

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