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BANKING TECHNOLOGY | Staff Reporter, Korea

Bitcoin price tops $36,800 in South Korea

Investors see the virtual currency as a safe asset amidst new coronavirus outbreaks.

Bitcoin topped $36,800 (KRW40m) per unit for the first time in South Korea on 7 January, according to data from a local cryptocurrency exchange.

Bitcoin was trading at around $37,200 (KRW40.9m) won as of 8:58 AM during the day, up 6.94% from the previous day, according to local cryptocurrency exchange Bithumb. The bitcoin price is 380% higher compared to a year earlier.

It just took 11 days for the cryptocurrency to top the 40 million-won mark after it broke the 30 million-won threshold on 27 December 2020.

The bull run in cryptocurrency transactions as investors viewed the virtual currency as a relatively safe asset amidst the new coronavirus outbreak, according to industry watchers.

Demand for bitcoin also gained ground after PayPal, the biggest online payment firm in the US, decided in October last year to allow its customers to use bitcoin and other cryptocurrencies.

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