Bitcoin Down 2.2%·Ethereum Down 0.37%..."Bitcoin Price Stabilizing"

Dogecoin Falls 2.5%... Most Altcoin Price Changes Within 5%
CNBC "Bitcoin Price Stabilizes After Musk's Remarks"

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Kim Suhwan] Elon Musk, CEO of Tesla, claimed that the Bitcoin mining industry in the United States is very promising and sent a positive signal regarding cryptocurrencies, leading to the stabilization of prices for Bitcoin and various other cryptocurrencies.

According to CoinDesk on the 26th, as of 6:45 AM Korean time, Bitcoin was recorded at $37,946, down 2.2% compared to 24 hours earlier. After briefly surpassing $39,000, it dropped to $36,800 but then rebounded to the previous day's level.

Ethereum was down 0.37% from 24 hours earlier at $2,609, and Dogecoin was down 2.5% at $0.3448.

Among other major altcoins (cryptocurrencies other than Bitcoin), Ripple (XRP) rose 2.37% to $0.9475, Litecoin fell 1.68% to $176, and Monero traded down 4% at $240.

Although there were declines and rebounds among various cryptocurrencies on this day, the sharp volatility seen earlier this month did not appear, leading to an assessment that cryptocurrency prices are stabilizing. Previously, after Musk announced the suspension of Bitcoin payments for Tesla car purchases citing Bitcoin's energy consumption issues, a price decline was triggered. Then, last week, Chinese authorities announced a complete ban on all Bitcoin-related financial services and regulations on mining, which drove a sharp price drop. As a result, Bitcoin, which had reached a peak of $59,506 on the 8th, fell to the $32,000 range on the 24th, a 45% decrease.

However, on the 24th, after Musk indicated that he was in talks with North American Bitcoin miners and suggested the possibility of using eco-friendly energy for Bitcoin mining, the market interpreted this as a positive signal for Bitcoin. On that day alone, Bitcoin showed a maximum increase of 20% and began to rebound. CNBC reported, "Cryptocurrency prices have stabilized following Musk's remarks."

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