Bitcoin price resurges despite coin delisting risks
A digital board at Bithumb shows cryptocurrency prices. (Yonhap)
Bitcoin came close to reaching the 70 million-won mark again on March 30 amid a global credit company’s digital coin endorsement.
According to local crypto exchange Upbit, Bitcoin price rose to 69.2 million won ($61,000) as of 5:20 p.m., after falling as low as 62 million won on March 25.
Tuesday’s Bitcoin rally came after Visa Card announced March 29 that it would accept cryptocurrencies for credit card bills. In its pilot program, Visa Card will allow settlement of transactions in USD Coin, a stable cryptocurrency pegged to the US dollar in a 1:1 ratio.
With the move by Visa indicating the growing acceptance of digital coins by mainstream financial institutions, the cryptocurrency market has seen recent bouts of extreme volatility, especially for coins that are about to delist from exchanges.
Sirin Coin soared more than 60 percent on March 29, only two days ahead of its planned delisting from Upbit.
Upbit on March 17 flagged the coin with an “attention” sign citing that the coin was failing to meet the internal standards in terms of business sustainability and liquidity and on March 24 decided to remove it from the exchange.
Sirin Coin is one of eight digital coins to be removed from the exchange. The others are Bytom, Viberate, TenX Pay Token, Cortex, PumaPay, Quant and DATA. They were due to be unplugged at noon on March 31.
Some of these coins have showed huge swings in price. The price of Sirin and Bytom each rose 50 percent in just 24 hours.
“The capricious movement of some coins facing delisting indicate investors’ speculative mind hoping for a jackpot,” said an industry expert. “Investors should be extremely careful as the price fluctuation, especially upward movement, is unlikely to continue.”
By Park Ga-young (firstname.lastname@example.org)