[Bitcoin Now] US Expert: "Market Bubble Severe... Could Drop to $20,000"

Bitcoin Market Cap Doubles in 4 Months Amid Surge Concerns
Moves to Resolve Uncertainty... 'Innovation Barrier Removal Act' Passed in US Congress

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[Asia Economy Reporter Gong Byung-sun] There is a claim that Bitcoin, the representative cryptocurrency which has fallen to the 65 million KRW range, could drop further to the 22 million KRW range.

According to the domestic cryptocurrency exchange Upbit, as of 2:35 PM on the 22nd, Bitcoin recorded 65.61 million KRW, down 3.78% compared to the previous day. It had risen to 70.78 million KRW at 11:39 PM the previous day but then fell again.

There is a forecast that Bitcoin could fall more than 50% from its current price during the adjustment period. On the 21st (local time), Scott Minerd, Chief Investment Officer (CIO) of Guggenheim Investments, said in an interview with the US economic media CNBC, “Because Bitcoin surged rapidly in a short period, a bubble has formed, making a correction inevitable,” and added, “Bitcoin will fall to $20,000 to $30,000 (approximately 22.31 million to 33.47 million KRW).”

CIO Minerd has positively evaluated Bitcoin in the past. In an interview with CNN US last February, he said, “Bitcoin will rise to $600,000.” However, since the beginning of this month, he has consistently mentioned the possibility of a correction. On the 11th, considering the rapid increase in Bitcoin’s market capitalization, he predicted that a bubble had formed and a correction would occur. In fact, Bitcoin’s market cap increased from about $530 billion at the end of last year to about $1 trillion as of the previous day.

Meanwhile, in the US, moves have appeared to resolve uncertainties regarding cryptocurrency regulation. According to the cryptocurrency specialized foreign media Coindesk on the 21st, the US House Financial Services Committee of the Republican Party announced that the “Innovation Barrier Removal Act,” proposed by Republican Representative Patrick McHenry, was finally passed. This bill was proposed to clearly define the division of roles between the US Securities and Exchange Commission (SEC) and the US Commodity Futures Trading Commission (CFTC) in cryptocurrency regulation. The SEC and CFTC, including national agencies as well as financial firms and investor protection organizations, must form a working group within 90 days after the bill’s passage.

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