[Bitcoin Now] Maintaining 53 Million Won Range... JP Morgan Estimates $38,000 to $50,000

[Image source=Yonhap News]

[Asia Economy Reporter Lee Jung-yoon] The price of Bitcoin, the leading cryptocurrency, is maintaining the 53 million KRW range.

According to the domestic cryptocurrency exchange Upbit, as of 11:07 AM on the 10th, the price of Bitcoin is trading at 53.76 million KRW, up 0.18% (98,000 KRW) from the previous day.

Bitcoin has been on an upward trend for eight consecutive days since recording 45.83 million KRW at 9 AM on the 3rd of this month. On the 4th, it rose 10% in one day, regaining the 50 million KRW level. Since then, it has steadily increased, entering the 53 million KRW range on the 7th and has since shown a sideways trend. Bitcoin's recovery was supported by a rebound in the U.S. stock market, centered on tech stocks.

According to Bloomberg News and others, U.S. bank JP Morgan Chase estimated Bitcoin's price between $38,000 (approximately 45.48 million KRW) and $50,000 (approximately 59.85 million KRW). JP Morgan viewed the fair value at $38,000, noting that Bitcoin's volatility is about four times higher than gold. When adjusting the volatility difference to three times, the fair value is estimated at $50,000. JP Morgan also predicted that Bitcoin's long-term theoretical target price has risen from $146,000 (approximately 174.75 million KRW) a year ago to $150,000 (approximately 179.54 million KRW). The long-term theoretical target price of Bitcoin refers to the price when its market value equals the total market value of privately held gold.

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