Bitcoin Surges: South Korea Hits 63 Million Won, Global Price Crosses $47,000

Bitcoin Surges Past 63 Million Won, Global Price Crosses $47,000

The price of Bitcoin in South Korea has surpassed 63 million won for the first time in over 2 years, while the global price has crossed the $47,000 mark. This surge in Bitcoin prices is largely attributed to the high expectations surrounding the approval of a Bitcoin ETF by the US Securities and Exchange Commission (SEC).

Rapid Rise in Korean Bitcoin Prices

On January 9th, Bitcoin was traded at 63.01 million won on the Upbit exchange, marking the first time it has surpassed the 63 million won milestone since December of last year. This significant increase in the Korean market reflects a strong upward trend in Bitcoin prices.

Global Market Witnesses Bitcoin Breaking $47,000

In the global market, Bitcoin has broken the $47,000 barrier, indicating the overall bullish sentiment surrounding cryptocurrencies. This surge is seen as a reflection of the positive expectations for the approval of a Bitcoin ETF by the SEC.

Approval of Bitcoin ETF Imminent

The SEC is expected to make a decision on the approval of a Bitcoin ETF on January 10th. With asset management companies like BlackRock, Fidelity, and WisdomTree submitting updated applications, the likelihood of approval has significantly increased. Former SEC Chairman Jay Clayton has expressed his belief that the approval of a Bitcoin ETF is inevitable.

Institutional Investors Eye Bitcoin ETF

If a Bitcoin ETF is approved, it is expected to attract institutional investors, leading to a substantial expansion of the market. Galaxy Digital estimates that the US Bitcoin ETF market size could reach $14 trillion in the first year, $26 trillion in the second year, and $39 trillion in the third year.

Impact on Korean Stocks and Related Companies

The rising price of Bitcoin has had a positive impact on domestic stocks related to Bitcoin. Companies such as Wizit, Woori Technology Investment, and Hanwha Investment & Securities have seen their stock prices rise, reflecting the positive market sentiment.

Conclusion

Bitcoin prices continue to surge in both the Korean and global markets, fueling high expectations for the approval of a Bitcoin ETF. If approved, the ETF is predicted to attract institutional investors and significantly expand the market size. All eyes are now on the SEC’s decision on January 10th, as investors and cryptocurrency enthusiasts eagerly await the outcome.