[Bitcoin Now] Up 2.32% Amid Ukraine Crisis Alert... Recovers to 52 Million Won Range

[Image source=Yonhap News]

[Asia Economy Reporter Lee Jung-yoon] Amid concerns over Russia's invasion of Ukraine and a decline in the US Nasdaq index, which is centered on technology stocks, the price of Bitcoin, a representative cryptocurrency, is slightly rising.

According to the domestic cryptocurrency exchange Upbit, as of 10:49 AM on the 15th, the price of Bitcoin is trading at 52.78 million KRW, up 2.32% (1.195 million KRW) compared to the previous day. Bitcoin maintained the 53 million KRW range until the 10th of this month but sharply dropped afterward and held the 51 million KRW level until the day before.

Bitcoin recently showed a synchronization phenomenon with the Nasdaq index, but on this day it is moving in the opposite direction. It appears that investors regard 51 million KRW as a support level and have engaged in rebound buying.

Recent inflows of funds into virtual asset investment products, including exchange-traded funds (ETFs), are also cited as a background for the rebound. Cryptocurrency specialized media CoinDesk reported that last week, investments worth 75 million USD (approximately 89.9 billion KRW) were attracted to virtual asset funds, marking four consecutive weeks of net inflows.

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