Cryptocurrency Market Plunges into Fear... Bitcoin Falls Below 40 Million Won During Trading

Bitcoin Shows Over 10% Drop
Cryptocurrency Market Cap Nearly Halves in 12 Days

[Image source=Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The cryptocurrency market has truly begun to fall into fear. Bitcoin briefly dropped below 40 million won.

According to the domestic cryptocurrency exchange Upbit, as of 7 a.m. on the 24th, Bitcoin recorded 42.21 million won, down 11.05% from the previous day. At 1:39 a.m. that day, it even fell to 39.33 million won. This means it returned to the price level recorded on February 3.

Altcoins showed even larger declines. At the same time, Sandbox fell 37.04% to 363 won. There are also many altcoins such as Humanscape and Loom Network that showed a decline in the 20% range. Ethereum fell 10.33% to 2.61 million won, showing a relatively smaller drop.

As a result, the size of the cryptocurrency market also shrank. According to the cryptocurrency market data relay site CoinMarketCap, the total cryptocurrency market capitalization on that day was $1.3216 trillion (approximately 1490 trillion won). This is nearly half of the all-time high of $2.5468 trillion recorded on the 12th. Bitcoin’s market cap, which had exceeded $1 trillion as recently as the 11th, also decreased to about $700 billion.

The decline appears to be due to regulations in various countries. On the 21st, Chinese Vice Premier Liu He stated at the State Council Financial Stability and Development Committee, “Bitcoin trading as well as mining will be banned.” The United States has also begun tightening the cryptocurrency market by preparing regulations requiring all cryptocurrency transactions over $10,000 to be reported to the Internal Revenue Service.

Elon Musk, CEO of Tesla, no longer seems to influence the cryptocurrency market. On the 23rd (local time), Musk posted a picture on Twitter showing Jesus holding the dog symbolizing Dogecoin. Nevertheless, Dogecoin continues to decline steadily. At the same time, Dogecoin recorded 391 won, down 9.7%.

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