58,86 ↑ 100 JPY
90,29 ↓ 10 CNY
63,95 ↓ USD
54,15 ↓ 1000 KRW
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20 October
Sunday

World

Bitcoin has reached $ 8,453 and continues to grow

However, this is only half of its maximum price

Photo: pixabay.com

/NOVOSTIVL/ Bitcoin's price has recovered to 10 million won ($8,453) for the first time this year thanks to a series of moves to bring the virtual coin into the financial system. This article appeared in The Korea Times.

According to domestic crypto exchange Bithumb, Monday, bitcoin is priced at 10.3 million won per coin as of 3 p.m., up 748,000 won, or 7.84%, from the day before. The bitcoin price reached the 10 million won level on May 10 last year, but since plummeted down to 3.6 million won per coin in mid-December.

Other cryptocurrencies such as Ethereum and Ripple also nosedived over 90% from their peaks in the meantime. Prices of virtual coins, including bitcoin, had stagnated at the 4 million won-to-5 million won range for about five months since December, and then suddenly started to skyrocket on May 4.

The virtual coin price has yet to recover to its all-time high of over 20 million won when the bitcoin frenzy struck the country in early 2018, but managed to double in value since the start of the year.

"Bitcoin is expected to see another halvening next year," - virtual coin investor Kim Hwan said.

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