[Bitcoin Now] Surpasses 80 Million Won... Coinbase Listing and ETF Expectations Rise

Positive Outlook for Coinbase... "Trading Volume Has Lower Volatility Than Price"
Increased Expectations for Bitcoin ETF Launch

[Image source=Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The leading cryptocurrency Bitcoin has surpassed 80 million KRW. The news of Coinbase, the largest cryptocurrency exchange in the U.S., being listed on Nasdaq has had a positive effect, while expectations for the launch of a Bitcoin exchange-traded fund (ETF) are also rising.

According to the domestic cryptocurrency exchange Upbit, as of 11:11 a.m. on the 14th, Bitcoin recorded 81.5 million KRW, up about 0.95% from the previous day. It surpassed 80 million KRW at 5:16 p.m. the previous day, reaching 80.19 million KRW, just three days after hitting an all-time high of 79.6 million KRW on the 10th.

The news that Coinbase will be listed on the U.S. Nasdaq market had a positive impact. On the 13th (local time), cryptocurrency specialized foreign media Coindesk analyzed that Coinbase shares listed that day would serve as an indirect investment vehicle into the cryptocurrency market. Coinbase shares were cited as an alternative for investors who avoid highly volatile cryptocurrencies.

Experts are evaluating Coinbase’s outlook positively. On the 13th, U.S. economic media CNBC said, “Coinbase’s listing is one of the unprecedented events,” and added, “Coinbase, which will have an astronomical market capitalization, stands at the center of change.” Gil Luria, head of research at U.S. financial evaluation firm DA Davidson, also explained, “The trading volume, which is closely related to Coinbase’s revenue, is less volatile compared to cryptocurrency prices, so its value will not fluctuate significantly.”

Expectations for a Bitcoin ETF are also growing. According to Coindesk on the 9th, the U.S. Securities and Exchange Commission (SEC) has begun reviewing WisdomTree’s Bitcoin ETF. VanEck’s ETF, which was applied for last month before WisdomTree’s, has already completed the initial comment submission process, and the SEC is expected to decide whether to continue the review by May. Large U.S. asset management firm Fidelity has also announced plans to launch a Bitcoin ETF, raising expectations for cryptocurrency ETFs higher than ever.

Meanwhile, an analysis shows that professional investors on Wall Street still believe the cryptocurrency market is in a bubble. According to a survey conducted by Bank of America (BoA) on the 13th, 74% of the 200 fund managers surveyed answered that Bitcoin is just a bubble. Sixteen percent said it is not a bubble. BoA is currently a financial institution that does not participate in the cryptocurrency market, unlike Goldman Sachs and Morgan Stanley.

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