The Korea Herald

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Bitcoin hits new record high above W100m in Korea

By Im Eun-byel

Published : March 11, 2024 - 17:55

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A screen shows bitcoin trading at over 100 million won at local crypto exchange Upbit's headquarters in southern Seoul, Monday. It is the first time the cryptocurrency has hit the 100-million-won mark in Korea. (Yonhap) A screen shows bitcoin trading at over 100 million won at local crypto exchange Upbit's headquarters in southern Seoul, Monday. It is the first time the cryptocurrency has hit the 100-million-won mark in Korea. (Yonhap)

The price of bitcoin jumped to a new record in Korea on Monday, breaking through 100 million ($76,365) for the first time.

Bitcoin, the world’s biggest cryptocurrency, traded at above 100 million won on the nation’s largest crypto exchange Upbit at 4:32 p.m., a surge since the price exceeded 98.4 million won on Friday.

The record figure was in line with the global rally. According to global price-tracking platform CoinMarketCap, the price of bitcoin surpassed $71,200 as of 4:48 p.m.

After hitting 100 million won, bitcoin's price continued to fluctuate near the figure as of 5 p.m. on Upbit. On another local crypto exchange Bithumb, the cryptocurrency was traded at a slightly lower price of 99.55 million won.

The “kimchi premium,” referring to the price discrepancy in cryptocurrency between Korean and international markets, stood at over 7 percent, meaning that bitcoin was trading at a price nearly 7 percent higher in Korea than the global average.

The recent bull’s run on bitcoin stems from an inflow of investments from bitcoin spot exchange-traded funds, which were approved by the US Securities and Exchange Commission in January. The bitcoin price is also pressured by an approaching halving slated for April.

The price of bitcoin has been advancing since the second half of last year. On Feb. 28, it surpassed the previous record of 82.7 million won set two years ago and further climbed to 90 million won the next day.

The price jumped by 65 percent this year alone. Since 2017 when the figure exceeded 10 million won, it is a more than 10-fold growth.