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Bitcoin climbed 3.6% in the last 24 hours, trading at $95,538 as South Korea's central bank announced its second rate cut this year. The move spurred optimism for Bitcoin's $100K target while driving investors away from struggling small-cap stocks into crypto markets.
Bitcoin Price Surges as South Korea Cuts Interest Rates
With a 3.6% increase in the last 24 hours, the price of Bitcoin (BTC) has recovered and is now trading at $95,538. The combination of this and the South Korean Central Bank's announcement of interest rate decreases twice this year has reignited hope for levels of $100,000.
Bitcoin's price is gearing up for a Thanksgiving climb to $100,000, according to CryptoQuant's head of research Julio Moreno.
In addition, Moreno brought attention to the fact that, after the recent price drop, demand for Bitcoin has surged again. He made the statement, "Demand expansion is what will drive Bitcoin higher," highlighting the pivotal importance of growing interest and market activity in driving additional price advances. As Bitcoin stabilizes following the drop, the spike in demand indicates good momentum.
Rate Cuts Boost South Korean Crypto Investment Potential
In a surprising move, the monetary policy committee of the Bank of Korea slashed its benchmark interest rate to 3% during a rate-setting meeting in Seoul on Thursday, November 28. This may also signal a new injection of funds into the market, which would encourage crypto investors in South Korea to purchase additional Bitcoin and altcoins.
On the other hand, Upbit, a leading South Korean exchange, has been under investigation for know-your-customer breach for some time now, Coingape shares. Over half a million cases of incorrect client verification were found by the Financial Intelligence Unit (FIU).
In less than a month after Donald Trump's election in early November, the price of Bitcoin surged to $100,000, increasing more than 35%. The small-cap stocks in particular have been hit hard by this boom in South Korean equities.
Bitcoin Rally Highlights Decline in South Korean Stock Markets
The small-cap dominated Kosdaq Index has fallen 8%, becoming Asis's worst-performing index in 2024, in contrast to Bitcoin's 35% rally over the past month. This, according to some market watchers, is due to small-scale investors selling their shares to buy Bitcoin instead.
South Korean regulators are becoming more worried about the trend as the volume of cryptocurrency trades on local exchanges now exceeds that of the benchmark Kospi stock index.
Authorities in South Korea are wary about Bitcoin exchange-traded funds (ETFs) because they could cause investors to flee the country's stock market. Nonetheless, this has prompted crypto investors in South Korea to engage in leveraged crypto wagers.
"Because the Kosdaq market is doing terribly, people are heading to the coin market," the head of the Korea Investment Research Institute, Ahn Hyunsang, told Bloomberg.
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