[Bitcoin Now] Rebounds to 41 Million KRW Range... "Buy Bitcoin Before Major Financial Market Crash"

Robert Kiyosaki "Unprecedented Financial Market Crash Coming"
JP Morgan "Limited Buying Interest at Low Prices"

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Gong Byung-sun] Bitcoin, the leading cryptocurrency, rebounded to the 41 million KRW range after being in the 39 million KRW range the previous day. Robert Kiyosaki, known as the author of the bestseller book "Rich Dad Poor Dad," predicted a major crash in the financial market and recommended buying Bitcoin. However, the major U.S. investment bank JP Morgan forecasted that the bearish trend would continue.

According to the domestic cryptocurrency exchange Upbit, as of 11:27 AM on the 30th, Bitcoin recorded 41.47 million KRW, down 0.14% compared to the previous day. It had fallen to 39.81 million KRW the day before but started rising after noon. The 41 million KRW range was recorded for the first time since the 21st.

Kiyosaki claimed that a major crash is imminent and urged buying Bitcoin. On the 28th (local time), Kiyosaki tweeted, "An unprecedented financial market collapse is coming," and said, "To become wealthy during the crash, buy as much gold, silver, and Bitcoin as possible." Kiyosaki has previously expressed a favorable stance on Bitcoin. On the 31st of last month, he said, "The sharp drop in Bitcoin is a good opportunity to buy at a low price," and argued that Bitcoin prices would eventually trend upward.

JP Morgan predicted that Bitcoin would show weakness. According to U.S. economic media CNBC on the 29th, Nikolaos Panigirtzoglou, JP Morgan's investment strategist, said, "The low-price buying observed in Q4 last year and Q1 this year is not significant," and "I still think it is trapped in a box range." Earlier, he also predicted that Bitcoin would sharply drop between June and July when the lock-up period of Grayscale's Bitcoin Investment Trust (GBTC) expires.

Meanwhile, Panigirtzoglou analyzed that the proportion of Bitcoin in the total cryptocurrency market capitalization is an indicator to gauge market trends. He said, "When Bitcoin fell below $36,000 (about 40.74 million KRW), Bitcoin's market capitalization share in the total cryptocurrency market was about 46%," and "In April, when Bitcoin was on the rise, Bitcoin's market capitalization share was about 60%." In fact, except for the 15th when Bitcoin recovered to the 47 million KRW range, Bitcoin's market capitalization share has not exceeded 50% this month. On this day, Bitcoin's market capitalization share recorded 46.21%.

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