[Bitcoin Now] Sideways Movement in the High 35 Million KRW Range

Ethereum Also Falters... Drops to Around 1.4 Million Won

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[Asia Economy Reporter Gong Byung-sun] The leading cryptocurrency Bitcoin has remained stagnant without significant fluctuations after dropping from the 38 million won range to the 35 million won range the previous day.

According to the domestic cryptocurrency exchange Upbit, as of 11:55 a.m. on the 27th, Bitcoin was recorded at 35,745,000 won, down about 0.52% compared to 24 hours earlier. It rose to 36 million won at 7:57 a.m. but fell back to the 35 million won range within about 10 minutes.

There is an interpretation that institutional interest in Bitcoin is decreasing. This means that the participation of major players who bring stability to the market is diminishing. Cryptocurrency-focused foreign media CoinDesk reported on the 27th (local time) that Bitcoin miners are selling, but institutions are not buying, and they are watching to see what measures the U.S. government will take.

CoinDesk analyzed that institutional buying power has decreased through CryptoQuant’s 'Coinbase Premium,' which analyzes cryptocurrency data. The Coinbase Premium refers to the price difference between 'Coinbase,' the main cryptocurrency exchange used by U.S. institutional investors, and another overseas cryptocurrency exchange, 'Binance.' A positive (+) Coinbase Premium indicates strong institutional cryptocurrency buying power. According to CoinDesk, since the 21st, the Coinbase Premium has been negative (-) or highly volatile.

There are also cryptocurrency skeptics. Andrew Bailey, Governor of the Bank of England (BOE), argued that the design of cryptocurrencies is unstable. On the 25th (local time) at the World Economic Forum (WEF), he said, "A cryptocurrency that has solved design and governance issues has not yet emerged," adding, "People want to pay with a stable means that has low volatility."

Lloyd Blankfein, former CEO of Goldman Sachs, criticized the use of cryptocurrencies in illegal transactions. In an interview with U.S. economic media CNBC on the 25th (local time), he said, "The anonymity of cryptocurrencies is being used for illegal financing," and added, "If this issue is not resolved, regulatory authorities will eventually intervene in cryptocurrencies."

Meanwhile, at the same time, Ethereum was recorded at 1,452,000 won, down about 3.75% compared to 24 hours earlier. On this day alone, it showed volatility, fluctuating five times between the 1.5 million won and 1.4 million won ranges.

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