Musk's Influence? Bitcoin Stalls Around 61 Million Won... Ethereum and Dogecoin Rebound

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Kwon Jaehee] Cryptocurrency Bitcoin is trading in the 61 million KRW range on the morning of the 15th.

As of 9 a.m. that day, the price of 1 Bitcoin on the domestic cryptocurrency exchange Bithumb is 61.7 million KRW.

Elon Musk, CEO of Tesla, announced on the 12th (local time) that Tesla would stop accepting Bitcoin payments for vehicle purchases, causing the price to plummet from around 67 million KRW to the 61 million KRW range around 7 a.m. that day. Since then, it has been trading sideways without significant fluctuations for two days.

On another exchange, Upbit, 1 Bitcoin is priced at 61.66 million KRW.

Unlike stocks, cryptocurrency prices vary by exchange, so even the same type of cryptocurrency may have slight price differences depending on the exchange.

The price of Ethereum, the second largest by market capitalization, is currently 5,039,000 KRW on Bithumb and 5,019,000 KRW on Upbit. According to Upbit, this is a 6% increase compared to 9 a.m. the previous day.

Dogecoin is trading at 694 KRW on Upbit, about 13% higher than the previous day. Dogecoin has also started trading on Bithumb recently. The current Dogecoin price on Bithumb is 695 KRW.

According to cryptocurrency information site Coindesk, in the U.S. market, as of 1:30 p.m. Pacific Time on the 14th (5:30 a.m. Korean time on the 15th), Dogecoin’s price rose 41.93% compared to 24 hours earlier, reaching 0.5489 USD.

On the 13th (local time), Elon Musk tweeted that he is "working with Dogecoin developers to improve the efficiency of the Dogecoin transaction system," adding that "this work is potentially promising," which led to the sharp rise in Dogecoin.

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