Bitcoin surges over 6%, hits yearly price peak

[Image source: Gettyimagesbank]

Bitcoin recorded its highest price of the year, surging by over 6 percent overnight to $37,980 in the global market and hitting the 50 million won ($38,610) mark on Korean exchanges.

After surpassing the $37,000 line for the first time in 18 months on November 10, Bitcoin saw a brief stagnant trend, dropping to the $34,000 range but quickly rebounding to the $37,000 range in a rally that continued from the early hours of Thursday.

At domestic exchanges, Bitcoin fell below 50 million won after reaching 50.27 million won on November 9. But with its surge that day, it rose again to the 50 million won level.

The latest rally is likely due to expectations that the U.S. has concluded its interest rate hikes. Following the release of the U.S. Consumer Price Index (CPI) and the Producer Price Index (PPI), which hit a two-and-a-half-year low, market tension about tightening has eased.

The U.S. Securities and Exchange Commission (SEC) decision to extend the deadline for the review of the application by Hashdex Gestora de Recursos Ltda to convert its Bitcoin futures exchange-traded fund (ETF) into a spot vehicle is also considered to be a factor in the Bitcoin price.