[Bitcoin Now] Surpasses 82 Million Won... Hits All-Time High

Record High Price in About 7 Months Since April 14
Global Inflation Concerns Cited as Cause of Bitcoin Rally

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The leading cryptocurrency Bitcoin surpassed the 82 million KRW mark, setting a new all-time high. Amid growing concerns about inflation, Bitcoin is being perceived as a hedge against losses, which is driving its price upward.

According to the domestic cryptocurrency exchange Upbit, as of 1:04 PM on the 9th, Bitcoin recorded 82.4 million KRW, up 1.23% from the previous day. It even rose to 82.7 million KRW at 12:59 PM on the same day. This marks the highest price in about seven months since April 14.

During the seven months leading up to Bitcoin’s new all-time high, investors experienced significant volatility. After reaching an all-time high of 81.99 million KRW in April, Bitcoin showed a downward trend for nine consecutive days. In June, it even dropped to 33.9 million KRW. However, starting last month, it began to rise again. Bitcoin, which was in the 53 million KRW range on the 1st of last month, surged more than 50% to surpass the 82 million KRW level.

The global inflation concerns are being analyzed as the main reason behind Bitcoin’s strength. On the 8th (local time), cryptocurrency media CoinDesk explained, “As inflation worries grow, the Bitcoin holdings on cryptocurrency exchanges are decreasing,” adding, “Many investors are accepting Bitcoin as a store of value similar to gold.”

In fact, inflation indicators in the U.S. are fluctuating ahead of the release of the Producer Price Index on the 9th and the Consumer Price Index on the 10th. On the 13th of last month, the U.S. Department of Labor announced that the September consumer price index rose 5.4% compared to the same month last year. South Korea also showed the highest increase in 9 years and 9 months, with the October consumer price index rising 3.2% year-on-year.

The causes of inflation include the global supply crisis and rising oil prices. Factories in Southeast Asia, which serve as global supply bases, halted operations due to the spread of COVID-19, and the U.S. is facing labor shortages. Money has been injected into the market, but inventory is insufficient, causing prices to soar. Additionally, oil prices, which had fallen to around $10 (approximately 11,782 KRW) during the COVID-19 period last year, surpassed $80 last month.

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