[Bitcoin Now] Individual Buying Power Prevents Sharp Drop Despite Big Player Exit

Bitcoin Stalls Around 67 Million KRW... Large Investors Decrease but No Sharp Drop
"Inflow of Small Individual Investors Prevents Decline"

[Asia Economy Reporter Gong Byung-sun] The representative cryptocurrency Bitcoin is maintaining the 67 million KRW level without significant fluctuations. It is estimated that large investors such as institutional investors have withdrawn, but the buying power of small individual investors has prevented a sharp price drop.

According to the domestic cryptocurrency exchange Upbit, at 2:13 PM on the 22nd, Bitcoin recorded 67.41 million KRW, up about 0.41% compared to the previous day. After reaching the 70 million KRW level on the 18th, it has been fluctuating around the 67 million KRW level.

Although large investors have decreased, it is analyzed that the influx of small individual investors is preventing a further decline. On the 18th (local time), cryptocurrency specialized foreign media Coindesk analyzed that while the number of large investors holding more than 1,000 Bitcoins has decreased, the influx of small individual investors pushed the price above $60,000 (approximately 68 million KRW). In fact, according to cryptocurrency data analysis firm Glassnode, the number of large investors holding more than 1,000 Bitcoins was 2,488 on the 8th of last month but decreased to 2,275 on the 17th. Along with this, the Coinbase Premium Index also declined. The Coinbase Premium Index is an indicator showing the investment flow of institutional investors, and a decline can be interpreted as the withdrawal of institutional investors. Coinbase is known as a cryptocurrency exchange mainly used by institutional investors.

Positive outlooks still remain. Global investment bank Deutsche Bank claimed that Bitcoin has taken an important position in the market. In a report on the 17th, it analyzed, "Bitcoin's market value has exceeded 1 trillion, becoming an asset that cannot be ignored." It also forecasted that if institutional investors enter additionally, the price will rise further. However, Deutsche Bank added a caveat, saying, "Like Tesla, which dispelled doubts by launching the Model 3 electric car, it must show potential through actual performance."

Meanwhile, Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, expressed concerns about overheating in the cryptocurrency market. On the 19th, during the comprehensive policy inquiry of the Special Budget and Accounts Committee, Deputy Prime Minister Hong said, "The cryptocurrency sector may become problematic due to overheating compared to its actual value, so investors should make careful judgments," and added, "Cryptocurrency investment takes place within the market, so the government cannot intervene, but due to the amendment of the Specific Financial Transactions Act, cryptocurrency exchanges now have an obligation to report transaction details, which has made the market more transparent."

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