Bitcoin Plummets Over 7% This Month Amid Weakness in Altcoins
Bitcoin has experienced a significant drop of over 7% this month, trading in the 150 million KRW range for the first time in a month and a half. Other altcoins, including Ethereum, have also struggled to maintain strength. As pessimism spreads in the short term, some analysts argue that Bitcoin may be undervalued compared to gold.
According to data from the domestic cryptocurrency exchange Upbit on the 7th, Bitcoin recorded a price of 151,401,000 KRW as of 9 AM, reflecting a 2.95% decrease from the previous day. In just this month alone, Bitcoin has fallen by 7.8%. Just last month, Bitcoin reached a record high in Korea, surpassing 180 million KRW, but has since plummeted by more than 15% in just a month. Globally, Bitcoin was once trading at nearly $90,000 but has barely managed to recover to the $100,000 mark.
The decline in Bitcoins price is largely attributed to concerns over an AI bubble that is impacting risky assets across the board. Notably, Bitcoin has shown a tendency to couple with AI-related tech stocks. Bloomberg noted that "Bitcoin, considered an indicator of speculative momentum, is once again declining in tandem with the stock market."
The downturn in altcoins has been even more pronounced. Ethereum saw a 3.47% drop, trading at 4,957,000 KRW. This marks the first time Ethereum has dipped to the 4 million KRW level in three months. XRP fell by 5.78% to 3,309 KRW, while Solana experienced a 4.72% decline, trading at 232,000 KRW.
Forecasts for Bitcoins price are mixed. Cathie Wood, CEO of Ark Invest, mentioned in an interview with CNBC that "some of the roles Bitcoin was expected to fulfill are being taken over by stablecoins," while maintaining an optimistic outlook. She stated that Bitcoin could reach $1.5 million (approximately 217 million KRW) by 2030, according to her previous predictions.
According to data from the domestic cryptocurrency exchange Upbit on the 7th, Bitcoin recorded a price of 151,401,000 KRW as of 9 AM, reflecting a 2.95% decrease from the previous day. In just this month alone, Bitcoin has fallen by 7.8%. Just last month, Bitcoin reached a record high in Korea, surpassing 180 million KRW, but has since plummeted by more than 15% in just a month. Globally, Bitcoin was once trading at nearly $90,000 but has barely managed to recover to the $100,000 mark.
The decline in Bitcoins price is largely attributed to concerns over an AI bubble that is impacting risky assets across the board. Notably, Bitcoin has shown a tendency to couple with AI-related tech stocks. Bloomberg noted that "Bitcoin, considered an indicator of speculative momentum, is once again declining in tandem with the stock market."
The downturn in altcoins has been even more pronounced. Ethereum saw a 3.47% drop, trading at 4,957,000 KRW. This marks the first time Ethereum has dipped to the 4 million KRW level in three months. XRP fell by 5.78% to 3,309 KRW, while Solana experienced a 4.72% decline, trading at 232,000 KRW.
Forecasts for Bitcoins price are mixed. Cathie Wood, CEO of Ark Invest, mentioned in an interview with CNBC that "some of the roles Bitcoin was expected to fulfill are being taken over by stablecoins," while maintaining an optimistic outlook. She stated that Bitcoin could reach $1.5 million (approximately 217 million KRW) by 2030, according to her previous predictions.
Like
0
Upvote0
- PrevSpanish Research Institute Profits from Bitcoin Sale After 13 Years
- NextCathie Wood Adjusts Bitcoin Price Forecast Amid Rise of Stablecoins
No comments yet.