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Thursday, December 7, 2023

Bitcoin crashes about 40 million won more often… could get worse in the future

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On the 10th and 12th, it dropped from 38 million won to 39 million won every day.
Growing concerns about inflation are driving prices down
“Synchronize with stock markets hit by base rate hike”

As of the last 10 days, price status table for virtual currencies such as bitcoin.

The price of 1 bitcoin fell below 40 million won in Korea on the morning of the 12th. On the 10th, just two days ago, it fell below 40 million won. It has fallen below 40 million won for the first time in 9 months since July 26 last year, and has been happening more frequently in recent years.

Around 9:06 a.m. on the 12th, on the Upbit cryptocurrency exchange, the price of 1 bitcoin was 39,861,000 won. This is 3% less than the day before. The price of 1 bitcoin rose again to 40,191,000 won as of 11:25 am on the 12th. However, it is also 0.27% lower than the day before.

Most cryptocurrencies such as Ethereum, Ripple, Dogecoin, and Bora, as well as Bitcoin, showed declines from the previous day.

According to Bloomberg News, the price of bitcoin fell below 38.29 million won on the 10th. After falling on the New York Stock Exchange that day, the price of bitcoin crashed to $29,763.13, breaking the $30,000 level. For the first time since July last year, the $30,000 level collapsed.

The price of bitcoin rose from $32,584.50 around 3:41 pm in Korea on the same day. The price decreased by 2.61% compared to the previous day. The price of bitcoin also fell below 40 million won around 22:00 on the 11th to 39.7 million won.

Bitcoin image.

Bitcoin image.

The market price of bitcoin has been volatile lately under the influence of various internal and external market conditions such as rising interest rates, inflation and stagflation. In particular, it looks like Bitcoin crashes have become more frequent as concerns about inflation have grown.

The US Department of Labor reported that the consumer price index (CPI) rose 8.3% in April compared to last year. This is lower than the previous month (8.5%), but higher than market expectations (8.1%), which stimulates fears about inflation.

As a result, on the New York Stock Exchange, the Dow Jones Industrial Average fell 1.02% and the S&P 500 fell 1.65%, respectively. The technology-focused Nasdaq fell 3.18%.

The question is being raised among investors as to whether virtual assets have lost any of their ability to withstand turbulent times when various domestic and external economic conditions are rapidly changing.

Investors have analyzed that the cryptocurrency market is also in sync with the stock market, which was hit by the US Federal Reserve (Fed) rate hike. Accordingly, we are focusing on the possibility that Bitcoin’s downtrend will continue for the time being.

According to him, billionaire cryptocurrency investor Michael Novogratz said that the situation could worsen in the future.

Reporter Park Jong-sik park.jeongsik

Source: Economist

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