Continued Decline Amid Global Cryptocurrency Regulations... Bitcoin at 46 Million Won Range

Cryptocurrency Market Cap Drops About 43% from Peak

[Image source=Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The leading cryptocurrency Bitcoin continues to decline. As various countries hint at regulations day after day, the cryptocurrency market has begun to shake.

According to the domestic cryptocurrency exchange Upbit, at 11:47 AM on the 23rd, Bitcoin recorded 46.93 million KRW, down 1.18% compared to the previous day. After falling to 43.95 million KRW the day before and rebounding to the 48 million KRW range, it is again on a downward trend.

Altcoins also failed to avoid sluggishness. At the same time, Ethereum recorded 2.88 million KRW, down 0.82%. Ethereum had risen to 5.41 million KRW on the 12th but then plunged sharply. Ethereum Classic recorded 74,500 KRW, up 0.84% at the same time, but it has fallen more than 50% compared to the all-time high of 200,000 KRW recorded on the 6th.

As a result, the total market capitalization of cryptocurrencies has disappeared by about 43% compared to the peak in the last ten days. According to the cryptocurrency market relay site CoinMarketCap, the total cryptocurrency market capitalization was 2.56 trillion USD (about 2,886 trillion KRW) on the 12th but dropped to 1.4384 trillion USD on the 22nd.

Regulations from various countries appear to have led to the stagnation of the cryptocurrency market. On the 22nd, Chinese Vice Premier Liu He stated, "We will strictly prohibit not only Bitcoin trading but also mining." Recently, China has gone beyond the policy of banning cryptocurrency possession and trading since 2017 to also ban mining. The Inner Mongolia Autonomous Region of China began operating a reporting network on the 18th to restrict cryptocurrency mining companies. Not only mining companies but also companies providing sites or various services to mining companies are subject to regulation.

The United States is also hinting at regulations day after day. According to the US economic media CNBC, on the 20th (local time), the US Treasury Department announced a regulatory proposal requiring all cryptocurrency transactions over 10,000 USD to be reported to the IRS. On the 13th, the US Department of Justice and the IRS also investigated Binance, the world's largest exchange, to identify tax evasion and money laundering through cryptocurrencies.

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