Stock Market Shows 'Corona-Bal' Panic... Bitcoin and Other Cryptocurrencies Slightly Rise

[Image source=Yonhap News]

[Asia Economy Reporter Ji-hwan Park] On the 19th, although the domestic stock market fell into a panic state rarely seen before, major cryptocurrencies such as Bitcoin showed a slight upward trend.

On that day, the KOSPI closed at 1,457.64, down 133.56 points (-8.39%) from the previous trading day. This is a devastating figure rarely seen even during the crises of 2001 and 2008. The KOSDAQ also plunged sharply by 56.79 points (-11.71%) to 428.35 compared to the previous trading day.

On the other hand, despite the sell-off in traditional asset markets, the Bitcoin market showed a slight upward trend and maintained stability.

According to the cryptocurrency exchange Bithumb at 4:14 PM, Bitcoin was trading at 6.77 million KRW, up 1.53% (102,000 KRW) compared to 24 hours earlier. The trading volume for the day was about 87.8 billion KRW. Other cryptocurrencies showed similar trends. Most cryptocurrencies such as Ethereum (3.04%), Ripple (1.15%), and Bitcoin Cash (1.41%) showed upward trends.

Despite the recent stock market crash, Bitcoin has maintained relative stability. This is interpreted as having already released a certain level of risk due to the previous crash. In fact, considering that the Bitcoin price was around 12 million KRW on the 13th of last month, before the widespread outbreak of COVID-19, the current price has dropped by more than 40%.

This content was produced with the assistance of AI translation services.