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Bitcoin price reached $2,850 in South Korea on May 23, due to the rapidly rising demand for Bitcoin and other digital currencies such as Ethereum’s Ether (ETH).
Bitcoin price established its new all-time high at $2,087 earlier today after surging past its previous all-time high set at $2,050, with demand toward Bitcoin rising from institutional investors in the US, Japan and South Korea.
Indian Bitcoin exchange and wallet provider Zebpay reached a major milestone of 500,000 mobile Android users, more than all mobile bitcoin user base in South Korea.
The South Korean market’s $105 million Ethereum daily trading volume triggered the interests of both institutional investors and casual traders worldwide.
The rise in demand toward Litecoin pushed digital currency exchanges in major regions to add trading support for Litecoin users and investors.
Ethereum has maintained its upward trend and momentum over the past seven days, recording a staggering $3.7 bln increase in market cap, from $5.7 bln to $9 bln.
Hackers have infiltrated and compromised Korean exchange Yapizon, stealing around 3800 bitcoins or 37% of holdings.
Kyobo Life, one of the largest insurance providers in the country, was selected by the South Korean government as the major operator of its Blockchain project.
South Korea has selected insurance outfit Kyobo Life to operate a new IoT Blockchain push with government agencies.
According to various sources and market data, the South Korean exchange market accounts for 17 percent of global Ethereum trading.
Earlier today, on Feb. 24, Bitcoin price reached its new all-time high global average price at $1,220. Major markets including Japan and South Korea demonstrated substantially higher premiums, presenting an arbitrage opportunity for traders.
Bitcoin price surpassed the $1,000 margin in major Chinese and South Korean Bitcoin exchanges including Huobi and Korbit on Feb. 1, after the celebration of the God of Wealth and Chinese New Year.
As the year winds up, the Blockchain industry reassess its strategy in the view of the challenges and opportunities of the year 2017.
The South Korean Financial Services Commission (FSC) has established a task force to design and propose various regulatory frameworks for bitcoin companies and users.
Looking to follow legal frameworks in the United States and Japan, two other countries plan to regulate Bitcoin.
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