Bitcoin binge, 11 million won pierced…”33% increase per month

Bitcoin binge, 11 million won pierced..."33% increase per month

Bitcoin surpassed 11 million won level for the first time in three months. It was the first time in three months that Bitcoin was traded at 11 million won since Oct. 28 last year.

According to the cryptocurrency trading website “Boom” on Thursday, Bitcoin is trading at 11.12 million won, up 2.31 percent from the previous day. Bitcoin jumped more than 33 percent in one month compared with its trading price of 8.343 million won on Jan. 1 this year.

The cryptocurrency and money investment industries are analyzing that concerns over the spread of new coronavirus infections are driving up the market price of bitcoin. Bitcoin is not under the control of the central government and is regarded as a kind of safety asset, such as gold, amid unstable circumstances.

In fact, with the recent spread of the new Koronavirus, investors and institutions engaged in joint net selling, the KOSPI and KOSDAQ showed a decline.

The value of cryptocurrency such as bitcoin will explode as trust in the global market continues to deteriorate,” said Lim Jung-chu, co-founder of blockchain investment advisory firm Kenitic Capital, in an interview with Bloomberg News.

In fact, the market price of cryptocurrency such as Iderium and Ripple rose as well as bitcoin on the day.

Etherium and Ripple are up 6.07 percent and 2.29 percent, respectively, to 241,300 won and 326 won in the rain sum.