[Bitcoin Now] Slight Rise in Domestic and International Markets... 74.5 Million KRW · 63,000 USD Levels

JP Morgan "Bitcoin Gains Attention as Inflation Hedge"
Long-term Target Price Set at $146,000

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Minji Lee] The representative cryptocurrency Bitcoin is showing a slight upward trend in both domestic and international markets.

As of 8:32 AM on the 4th, according to CoinMarketCap, an overseas cryptocurrency exchange, Bitcoin is trading at $62,927.51, up 0.06% from the previous trading day. Other cryptocurrencies such as Ethereum (0.11%), Litecoin (3.76%), and Ethereum Classic (0.69%) are also showing upward trends.

On the same day, JP Morgan, the world's largest investment bank, forecasted that Bitcoin will be spotlighted as an inflation hedge rivaling gold. According to overseas media on the previous day, JP Morgan predicted Bitcoin's long-term target price to be $146,000, expecting it to compete with gold due to its limited quantity and scarcity.

JP Morgan strategist Nikolaos Panigirtzoglou explained, "Even if the value of other assets declines due to inflation, the value of Bitcoin will rise," adding, "Considering the scale of financial market investment in gold, the displacement of gold in alternative currencies implies a long-term rise in Bitcoin." However, he added that resolving volatility issues is necessary for Bitcoin to reach its long-term target price.

Bitcoin is also showing an upward trend in the domestic market. According to Upbit, Bitcoin is trading at 74.59 million KRW, up 0.59% (440,000 KRW) from the previous trading day. At the same time, other coins show the following market conditions: Ripple (7.14%), Ethereum (1.14%), Ada (5.83%), Ethereum Classic (1.89%), and EOS (0.91%) are rising, while Dogecoin (-0.62%) and Qtum (-2.91%) are weakening. Sandbox, a cryptocurrency related to non-fungible tokens (NFTs), traded at 3,775 KRW, up 4.56% from the previous day, while PlayDapp traded at 1,985 KRW, down 0.50%.

At the same time, Bitcoin is also showing a slight upward trend on Bithumb. Bitcoin is trading at 74.567 million KRW, up 2.22% (1.617 million KRW). Other major cryptocurrencies are also maintaining upward trends. Ripple (4.24%), Ethereum (2.58%), Tron (2.78%), Chainlink (3.45%), Litecoin (4.21%), Ada (0.91%), and EOS (2.49%) also rose.

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