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Bitcoin Price Rebounds to 10 Million Won
Investors Returning to Cryptocurrencies
Bitcoin Price Rebounds to 10 Million Won
  • By Jung Suk-yee
  • April 25, 2018, 11:26
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The Bitcoin price at Upbit exceeded 10 million won in the morning of April 24, a sharp gain from approximately seven million won (US$6,300) posted in the middle of the month.
The Bitcoin price at Upbit exceeded 10 million won in the morning of April 24, a sharp gain from approximately seven million won (US$6,300) posted in the middle of the month.

The Bitcoin price has exceeded 10 million won again in about a month as American investors who left it for a while to avoid taxation are returning and news leaked about Goldman Sachs investing in cryptocurrencies.

According to local cryptocurrency exchange Upbit, the price exceeded 10 million won in the morning of April 24 before edging down to 9.97 million won at 4:00 p.m. The price dipped below 10 million won (US$9,000) on March 14 and was approximately seven million won (US$6,300) in the middle of this month.

The prices of the other cryptocurrencies are rising as well, led by EOS, BCC and TRX. On April 24, the EOS price showed a 15% growth compared to the previous day and it became the cryptocurrency with the highest trading value in the Upbit.

According to Bloomberg, in the meantime, Goldman Sachs is likely to become the first cryptocurrency trading desk operator in the Wall Street. In addition, with investors returning, positive predictions are following one after another about the future of cryptocurrencies. For instance, Smart Valor CEO Olga Felmeier forecast that the Bitcoin price would reach a new high within this year and touch US$100,000 within two years.
 

Even so, government regulations are continuing at the same time in various countries. That day, the Iranian government banned financial companies from handling cryptocurrencies.