Bitcoin is on the verge of surpassing 100 million won

Bitcoin, the first and most commonly recognized type of cryptoasset, is on the brink of surpassing the 100 million won threshold. In the global cryptocurrency market, Bitcoin came close to a new record high of $68,000.

As of 2:45 p.m. on Tuesday, Bitcoin was trading at 93.1 million won on UPbit, a cryptocurrency exchange. Earlier in the day, Bitcoin surged to 97 million won, placing it a mere 3 million won away from the 100 million won milestone. Following an all-time high of 90.27 million won around 5:25 p.m., Bitcoin sustained its upward momentum, rapidly surpassing the 95 million won mark and reaching 97 million won during the day.

The value of gold, a widely favored alternative asset, has also reached an unprecedented peak. Gold futures for April settled at $2,126 per ounce on Thursday at the New York Mercantile Exchange, marking a 1.5 percent increase from the preceding trading day, surpassing $2,100, the highest level ever. The upswing in Bitcoin and other alternative assets is attributable to the anticipation that the U.S. Federal Reserve will implement interest rate reductions. Typically, when interest rates decline and the U.S. dollar weakens, the price of gold rises due to its inverse relationship with the dollar.


신아형 기자 abro@donga.com