Bitcoin experiences a dramatic overnight surge in 'Circuit Breaker'... Recovers to 30 million won [Hankyung Koala]

Bitcoin, which plummeted more than 30% overnight following President Yoon's unexpected circuit breaker announcement, has recovered to its previous level. The price of Bitcoin rebounded sharply just 150 minutes after the National Assembly lifted President Yoon's circuit breaker order.

According to domestic cryptocurrency exchange Upbit, Bitcoin was trading at 13,667,000 won, up 0.06% from the previous day, as of 9 a.m. The global market recorded a 0.24% increase to 9,605 dollars.

Bitcoin's price fluctuated significantly due to President Yoon's circuit breaker announcement. The 24-hour operation of the cryptocurrency market, characterized by the rapid response of investors to market changes, was a major influence. As large-scale coin runs occurred only in Korea, the price traded domestically and the price traded in overseas markets sometimes differed by more than 30%.

Not only Bitcoin but also major altcoins (excluding Bitcoin) showed similar trends. Ethereum, which plunged 35% overnight to the 3.2 million won range, has now recovered to 5.06 million won, regaining the 5 million won line.

This is the first time a coin run of this scale has occurred since the cryptocurrency market opened in Korea in 2013. During the global exchange FTX's bankruptcy in November 2022, there was a movement to withdraw large amounts of assets from major exchanges. However, this is the first time such a temporary crash has occurred due to domestic conditions in Korea.

Currently, the Kimchi Premium is recorded at -0.45%. This means that the domestic Bitcoin price is lower than the overseas price.

Reporter Jo Mihyeon mwise@hankyung.com