Bitcoin Price Surged to $11,600 from Strong South Korean Demand

Feb 21, 2018 at 8:05

After, experiencing jitters last month, Bitcoin price surged on Tuesday passing the $11,600 mark that is driven by strong demand from South Korea.

Analysts noted that higher valuations for the said cryptocurrency in South Korea is inflating its global figures. At South Korean exchanges Bithumb and Upbit, bitcoin is changing hands via the Bitcoin/Korean Won pair at over $12,300.

The price differential is expected to regain confidence in South Korea after regulatory actions and statements from the country in recent weeks caused worldwide market fears that led to price drops.

The governor of South Korea’s financial watchdog, the Financial Supervisory Service has reportedly said that the government will support “normal” cryptocurrency trading transactions which indicated the country’s softening regulatory stance after suggesting earlier a total ban on crypto trading.

Bitcoin’s continued rise is also reflected across other cryptocurrencies, with the combined market capitalization now standing at nearly $510 billion which rocketed from the past two weeks $282 billion.

Meanwhile, Ethereum price ended at $934 with a $91.9 billion market cap while Litecoin improved by 10 percent ending with $243 value and a market cap of $13.5 billion.