"Please Stop the Coin Crash" Cryptocurrency Plummets... 2030 Generation 'Frustrated'

Temporary Rebound Amid Endless Cryptocurrency Plunge
2030 Generation "Missed Selling Timing... It Will Drop Again" Frustrated
Krugman "12 Years Since Bitcoin Launch... Still Hasn't Found Utility"

On the morning of May 18, the Bitcoin price is displayed on the electronic billboard at Bithumb Gangnam Center in Gangnam-gu, Seoul.
[Image source=Yonhap News]

[Asia Economy Reporter Han Seung-gon] "It was on the rise to some extent, but it has collapsed again." , "Ah, what should we really do now?"

The downward trend in cryptocurrency prices shows no signs of stopping. Just when it seemed to rebound somewhat above $40,000 per coin, the Chinese authorities repeatedly expressed their strong intention to crack down, causing prices to plummet again. Bitcoin, which reached a peak of $64,000 just a month ago, plunged to as low as $31,000 during trading this week.

Among investors who briefly enjoyed the rebound effect and were timing their sales, there are sighs of frustration. Choi, a man in his 30s working in an office, said, "I thought it was a downward trend with nowhere else to go, so I just held on and held on." He added, "I hesitated for a moment whether to sell the coin after the rebound and continued upward trend, but I held on again expecting the rise. Then it crashed again."

Lee, a man in his late 20s also working in an office, could not hide his regret. He said, "I managed my mental state and 'held on,' but it collapsed again," expressing his frustration. He continued, "I don't even want to think about coins anymore, I'm just thinking of quitting."

The nightmare for investors in their 20s and 30s began on the 19th (local time) when negative news about coin regulations from China emerged. On that day, according to the South China Morning Post (SCMP), state-run financial associations such as the China Internet Finance Association, China Banking Association, and China Payment and Clearing Association issued a joint statement on behalf of the Chinese authorities, saying, "Financial institutions must not engage in any activities related to virtual assets."

They also warned individuals about the risks of speculative trading in virtual assets, urging "the public to manage their own risks" and "not to engage in financial activities related to virtual assets." On the same day, the People's Bank of China, the central bank, also issued a warning about cryptocurrencies. The People's Bank criticized, "Current virtual assets are currencies not certified by government agencies and therefore cannot be used for any real-life purposes."

[Image source=Yonhap News]

As negative stances on cryptocurrencies continued to emerge, the plummeting cryptocurrency prices briefly rebounded. According to cryptocurrency information site CoinDesk, as of 2 p.m. Pacific Time on the 20th (6 a.m. Korean time on the 21st), Bitcoin was priced at $40,408.43, up 6.18% from 24 hours earlier.

However, by 6:30 a.m. on the 22nd (Korean time), according to cryptocurrency price aggregator CoinMarketCap, Bitcoin plunged 15.68% from 24 hours earlier to $34,115. About an hour earlier, Bitcoin had fallen to the $33,000 range.

Summarizing the situation, the cryptocurrency that had been plunging briefly rebounded, raising hopes of an upward trend, but plunged again that morning, complicating investors' sentiments.

This volatility in cryptocurrency prices is causing even greater stress among investors in their 20s and 30s who were trying to time their sales.

Kim, a company employee in his 30s, said, "Because cryptocurrency trading never closes, you have to constantly worry about when and where it will suddenly plunge or rebound." He added, "Especially with the recent plunge, I was almost in a panic trying to sell, but when it briefly rebounded, I missed the timing." He continued, "Because of this, my sleep patterns are messed up, and honestly, I don't know what's going on anymore," expressing his frustration.

Meanwhile, Paul Krugman, Nobel laureate in Economics and professor at the City University of New York, criticized that cryptocurrencies have almost no market economic value. In a column published on the 21st (local time) in the New York Times (NYT), Professor Krugman pointed out that although Bitcoin was launched 12 years ago, cryptocurrencies still do not fulfill the role of normal currency.

Professor Krugman stated, "The only places where cryptocurrencies are used beyond speculation are illegal areas such as money laundering or hackers demanding ransom." He emphasized, "Because cryptocurrencies have not found meaningful utility, even if something happens later, it will not significantly affect the lives of those who do not participate in speculation."

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