Bullish Bitcoin breaks 114 million won threshold amid optimism about Trump policies

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Bullish Bitcoin breaks 114 million won threshold amid optimism about Trump policies

Published: 11 Nov. 2024, 17:50

SHIN HA-NEE
shin.hanee@joongang.co.kr

Audio report: written by reporters, read by AI

The price of Bitcoin is displayed on a screen at the Upbit Lounge in Gangnam District, southern Seoul, on Monday, the day when its price soared above the $81,000 mark for the first time ever. [NEWS1]

The price of Bitcoin continued its rally to a fresh high in Korea on Monday, surpassing the 114 million won ($81,709) threshold for the first time as growing optimism over favorable conditions under a second Donald Trump administration boosted the benchmark cryptocurrency to a new record globally.

As of 4:30 p.m., Bitcoin was trading at 113.1 million won on Upbit, Korea’s largest cryptocurrency exchange, after soaring as high as 114.4 million won at around 12:30 p.m.

The price nearly doubled compared to the 57.05 million won logged at 9 a.m. on Jan. 1, and was up 35 percent compared to 83.73 million won on Oct. 1.

Prior to the result of the U.S. presidential election, the previous record was 104.5 million won on March 14.

The upswing was part of the global surge during the day, as the price of Bitcoin exceeded the $81,000 mark for the first time ever.

As such, shares related to cryptocurrencies were also on a rally in the domestic stock market as well.

Kospi-listed Hanwha Investment & Securities soared a whopping 17.18 percent to close at 4,160 won on Monday. The firm holds a 6 percent stake in Dunamo, which operates Upbit, according to its regulatory filing for its second quarter earnings performance.

Woori Technology Investment rose 8.22 percent to 10,400 won on the Kosdaq bourse. The company holds a 7.2 percent stake in Dunamu.

Kosdaq-listed T Scientific, which owns 7.2 percent of the cryptocurrency exchange Bithumb, jumped 9.77 percent to 1,404 won.

“Bitcoin, the benchmark cryptocurrency, soared to a historic high driven by the election victory of former U.S. President Donald Trump,” wrote INF Crypto Lab in a note issued on Monday that reflected expectations of crypto-friendly policies under the incoming president, who was a strong advocate of digital assets including Bitcoin during his presidential campaign.

The note added that “Bitcoin, alongside other digital assets, is expected to trade at a significantly higher level from the current record highs over the course of the next two years given the current circumstances.”

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]