[Bitcoin Now] Surpasses 54 Million Won... One-Week Rising Rally

[Asia Economy Reporter Lee Jung-yoon] The price of Bitcoin, the leading cryptocurrency, has surpassed 54 million KRW, continuing its upward trend.

According to the domestic cryptocurrency exchange Upbit, as of 1:38 PM on the 8th, the price of Bitcoin was trading at 54.02 million KRW, up 0.95% (509,000 KRW) compared to the previous day.

Until the 4th of this month, Bitcoin's price was steady around 46 million KRW due to concerns over the U.S. Federal Reserve's (Fed) monetary tightening. However, on the 5th, it rose more than 10%, surpassing the 50 million KRW mark. Following this, it continued to rise, recording 53.51 million KRW as of 9 AM the previous day, and then exceeded the 54 million KRW level.

Trading volume also surged significantly. According to the cryptocurrency market data site CoinMarketCap, as of 1:13 PM on the same day, Bitcoin's trading volume was 33.37153176 trillion KRW, a 40.77% increase compared to the previous day.

Bitcoin's price surged after the U.S. e-commerce company Amazon announced strong earnings. As technology stocks rebounded and risk asset appetite revived, Bitcoin's price also showed an upward trend. With companies like SoftBank, Walt Disney, and Twitter scheduled to announce earnings, the upward momentum is expected to continue.

Additionally, as of the end of last year, the U.S. automobile company Tesla was reported to hold Bitcoin worth 2 billion USD (approximately 2.3946 trillion KRW). According to a CNBC report on the 7th (local time), Tesla disclosed this information to the U.S. Securities and Exchange Commission (SEC).

In the SEC report, Tesla stated, "We believe in the potential of digital assets," and added, "We may increase or decrease our digital asset holdings depending on demand, market, and environmental conditions."

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