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Bitcoin Price Ticks Higher Amid Strong Korean Demand
Bitcoin prices passed $11,600 in the morning's session, seemingly buoyed by enthusiastic trading in South Korea.
Updated Sep 14, 2021, 1:54 p.m. Published Feb 20, 2018, 1:00 p.m.
Bitcoin's recovery continues apace, with prices passing $11,600 in the morning's trading.
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According to CoinDesk's Bitcoin Price Index, at around 07:00 UTC today, the cryptocurrency reached $11,645.12, before dropping slightly again. At time of writing, the bitcoin global average was at $11,462.
Notably, valuations are higher over on data provider CoinMarketCap, where high prices in South Korea seem to be inflating the figures. At press time, bitcoin was quoted at $11,591 – up 5.5 percent over 24 hours, and 35 percent for the week.
The site's market data reveals that, on South Korean exchanges Bithumb and Upbit, bitcoin is changing hands via the BTC/KRW pair at over $12,300.
That price differential may mark returning confidence in South Korea after regulatory actions and statements in recent weeks caused market fears and a resulting drop in prices globally.
Notably, in news announced this morning, the governor of the country's financial watchdog, the Financial Supervisory Service, has reportedly said that the government will support "normal" cryptocurrency trading transactions. Though a little vague, the statement would appear to indicate a softening of the regulatory stance after a total ban on exchange trading had been touted as an option on the table.
Bitcoin's continued rise is also reflected across other cryptocurrencies, with the combined market capitalization now standing at nearly $510 billion – up from $282 billion just two weeks ago.
Bitcoin image via Shutterstock
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