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[Blockchain Today Reporter Jeong Seung-won] As the news that El Salvador recognized Bitcoin as a legal currency for the first time in the world was announced, the price of Bitcoin, which had dropped to 37 million won, soared to 43 million won.
As of 8:38 am on the 10th, Bitcoin was traded at 43,514,000 won, up 13% from the previous day on Upbit, a domestic cryptocurrency exchange. On that day, the price of Bitcoin fell to 37.2 million won, but it surged after the announcement of the adoption of Bitcoin as a legal currency in El Salvador. Based on Bithumb, it is trading at 43.53 million won, up 8.6% from the previous day.
Other major cryptocurrencies also rose at the same time. Ethereum was traded at 3,021,000 won, up 4.4% from the previous day on an Upbit basis, and 3.02 million won on Bithumb basis, up 6.3% from the previous day. Dogecoin is being traded in real-time at 400 won, up 6.8% from the previous day on Upbit, and at a similar price on Bithumb.
At the same time, on CoinMarketCap, a global cryptocurrency market relay site, Bitcoin rose 12% to $37,467 (about 41.85 million won), Ethereum rose 3.1% to $2602 (about 2.9 million won), and Dogecoin rose by 4.8%. It was traded at 0.35 dollars (about 385 won). The ‘kimchi premium’, a phenomenon in which domestic market prices are higher than overseas, is in the high 3% range.
On the 9th (local time), El Salvador’s parliament passed a proposal to approve Bitcoin as a legal currency submitted by President Nayib Bukele with a majority in favor. As a result, El Salvador became the first country in the world to use Bitcoin as a legal currency.