Ripple Surges 12% on News of Increased Investment by Japanese Financial Firm
Summary
- It was reported that Ripple surged more than 12% as SBI, Japan's largest financial group, expanded its investment in Ripple Labs.
- Bitcoin only rose by 1% during the same period.
- In contrast, the Kimchi Premium, which represents the price difference of cryptocurrencies between overseas and domestic markets, was 1.22%.
Bitcoin Rises 1%
Ripple, the largest altcoin (cryptocurrency other than Bitcoin) by market capitalization following Ethereum, surged more than 10% in a day.
According to the domestic cryptocurrency exchange Upbit on the 2nd, Ripple was trading at 3,479 KRW as of 9 a.m., up 12.05% from the previous trading day. Overseas, it surged 11.62% to $2.34. The sharp rise in Ripple is attributed to the news that SBI, one of Japan's largest financial groups and an 8% shareholder in Ripple Labs, is expanding its investment in Ripple.
Bitcoin recorded a 1.48% increase at the same time, reaching 141.32 million KRW. Overseas, it was traded at $95,659.23. The Kimchi Premium, which represents the price difference of cryptocurrencies between domestic and overseas exchanges, was 1.22%. This means that domestic cryptocurrencies were traded 1.22% higher than overseas.
Reporter Cho Mi-hyun mwise@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
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