[BitcoinNow] Domestic Bitcoin at 53 Million Won... Overseas Surpasses $50,000 Threshold

Impact of US Virtual Currency Taxation Agreement

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Minji Lee] Bitcoin, the number one cryptocurrency by market capitalization, is showing an upward trend in both domestic and international markets.

As of 2:15 PM on the 10th, according to cryptocurrency market data provider CoinMarketCap, Bitcoin is priced at $45,634, up 4.59% compared to the previous trading day. Bitcoin has surged 19.9% over the past week, showing a rapid upward momentum.

This rise is attributed to the U.S. Senate reaching an agreement on cryptocurrency taxation as part of a $1 trillion infrastructure investment bill. If this agreement passes the Senate, individual cryptocurrency investors will be exempt from mandatory taxation. Additionally, Treasury Secretary Janet Yellen issued a statement on the same day welcoming the cryptocurrency tax bill under discussion in the Senate, saying it "could represent meaningful progress in preventing tax evasion in the cryptocurrency market," which is also believed to have influenced the price increase.

Experts noted that Bitcoin quickly surpassed the previously suggested first resistance level of $45,000 and are now adjusting the resistance levels. The next second resistance level is expected to be in the $50,000 range. Thomas Lee, partner at Fundstrat, predicted, "Since Bitcoin has broken through the 200-day moving average, it is expected to continue a strong upward trend until the end of the year." CoinDesk’s technical analysis indicates the next resistance level is between $50,500 and $55,000.

Accordingly, Bitcoin traded in the domestic market is also hovering around 53 million KRW for the first time in three months. At the same time, according to the cryptocurrency exchange Upbit, Bitcoin is trading at 52,751,000 KRW, down 0.18% compared to 24 hours ago.

According to another cryptocurrency exchange, Bithumb, Bitcoin recorded 52,730,000 KRW, up 0.67% from the previous day. The daily trading volume is 173.4 billion KRW. Other major cryptocurrencies are also showing gains. Ethereum (1.06%), Ripple (0.27%), Litecoin (2.62%), Stellar Lumens (0.38%), Cardano (0.83%), EOS (0.97%), Bitcoin Cash (0.45%), TRON (1.18%), Chainlink (0.47%) have all increased.

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