Thursday, 25 May 2017

Bitcoin Price all time high: ₦1.7 Mln ($4,500) In S. Korea As Uptake Race Continues

South Korean Bitcoin traders are facing high prices of ₦1.7 Mln ($4,500) as the virtual currency's price continues to skyrocket.  Order books from domestic exchange Coinone list a current price of 4,254,000 won 1,44 Mln ($3805), with a 24-hour most of 5,025,000 1.71 Mln ($4494).

Bitcoin Live Orderbook

The wide spreads are unprecedented even in comparison to other recently inflated markets such as for instance Japan, local exchange bitFlyer listing a cost of 333,200 yen  ₦1.32 Mln ($2980).

On Coinbase, one Bitcoin is selling for ₦1.013 Mln ($2667.53) at the time of press time on Thursday.

Users have presented various theories why South Korea's exchange market is really varied, these including capital controls to en masse arbitrage and a “debt-fuelled bubble” economy.

Bitcoin itself, meanwhile, is continuing to create new price highs, flying in the face area of these concerned that the new bubble has formed.

Data from CoinMarketCap on Thursday sees another reverse in altcoin fortunes, with only Bitcoin and Ethereum Classic posting gains in the last 24 hours.

On the main topic of the latter, Barry Silbert is continuing his advocacy, tweeting on Wednesday that his Ethereum Classic Investment Trust “will undoubtedly be donating 148.2 Mln ($390k) each year to development, marketing & community support for Ethereum Classic (for 3 yrs).”

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