[Bitcoin Now] Large Investors Buying at Low Prices Amid Weakness...

Fell for 3 Consecutive Days but Only Dropped to the 42 Million KRW Range
US SEC Files Lawsuit Against BitConnect Recruiter for Violating Investor Protection Rules

[Image source=Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The representative cryptocurrency Bitcoin remains steady around the 42 million KRW mark without significant fluctuations. However, movements by large investors and institutional investors continue to be active.

According to the domestic cryptocurrency exchange Upbit, as of 9:50 AM on the 31st, Bitcoin was recorded at 42.77 million KRW, down 0.92% from the previous day. Although it had been declining for three consecutive days since the 27th, it stayed in the low 40 million KRW range and did not lead to a crash.

News that large investors were buying Bitcoin at low prices appears to have prevented a crash. According to the US investment media Benzinga on the 30th (local time), blockchain analytics firm Chainalysis analyzed that large investors purchased 77,000 Bitcoins last week. This amounts to approximately 3 billion USD (about 3.3489 trillion KRW). Chainalysis reported that large investors concentrated their purchases when Bitcoin prices fell to the 30,000 to 35,000 USD range.

Institutional investors are also actively participating in the cryptocurrency market. According to cryptocurrency media CoinDesk on the 28th, US asset management firm VanEck announced it will list cryptocurrency exchange-traded products (ETPs) on the stock exchanges in Amsterdam, Netherlands, and Paris, France, on the 1st of next month. The products will consist of Vector Bitcoin Exchange-Traded Notes (ETNs) and Vector Ethereum ETNs. VanEck is also currently awaiting approval for the launch of a Bitcoin exchange-traded fund (ETF) on the US stock market.

Meanwhile, the US Securities and Exchange Commission (SEC), which is responsible for reviewing Bitcoin ETF launches, has imposed sanctions on cryptocurrencies citing illegality. According to The Wall Street Journal (WSJ), the SEC filed lawsuits against five promoters who illegally promoted the cryptocurrency BitConnect. The SEC explained that the promoters violated investor protection regulations by operating without registering as official brokers.

BitConnect was known to promote that profits could be generated through automated programs while simultaneously requiring investors not to trade for 4 to 10 months. However, as BitConnect’s value plummeted by 92%, investors lost most of their funds. The promoters used typical multi-level marketing fraud tactics, promoting BitConnect through YouTube and collecting hundreds of thousands of dollars in commissions per person. However, the SEC did not apply fraud charges against them.

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