(Seoul = Yonhap News) Reporter Kim Gye-hwan = The price of Bitcoin, a representative cryptocurrency, fell below $30,000 (about 38.29 million won) on the 10th, Bloomberg News reported.
According to CoinDesk, Bitcoin fell to $29,763.13 this morning as a result of the plunge in the New York Stock Exchange the day before. It is the first time since July of last year that the $30,000 level fell.
As of 3:41 p.m. local time, the Bitcoin price is moving at $32,584.50, down 2.61% from 24 hours ago.
Bitcoin, which reached an all-time high near $69,000 in November last year, has recently been weakening alongside the recent plunge in the New York Stock Exchange.
Experts explained that the price of Bitcoin is also falling as investors withdraw from speculative assets as liquidity is reduced due to monetary tightening to control inflation.
In addition, as the stock market and the virtual currency market, which have been hit by the Federal Reserve’s rate hike, are in sync, it is possible that the Bitcoin decline will continue for the time being.
Billionaire cryptocurrency investor Michael Novogratz said the situation could get worse in the future, and he expects the market to be volatile and difficult, at least for the next several quarters.
Meanwhile, Bloomberg reported that the cryptocurrency market is watching the situation of Terra (UST), a stablecoin pegged to the US dollar 1:1.
According to CoinGecko, a cryptocurrency information site, the value of Terra fell below 70 cents on that day.
According to Bloomberg, CEO Kwon Do-hyeong of Terraform Labs, which issued the UST, is moving to boost the value of Terra. It said it plans to issue bonds worth $1.5 billion in Bitcoin and Terra.
CEO Kwon Do-hyeong received attention earlier this year by promising to buy $10 billion worth of bitcoin to boost the value of terrorism.
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2022/05/10 16:05 Send