[Bitcoin Now] Hovering Below 40 Million Won... Expert Predicts "Will Fall Below 30,000 Dollars"

US Wall Street Financial Experts "Bitcoin Price to Stay Below $30,000 by Year-End"
Nexon Japan, Which Purchased $100 Million Worth of Bitcoin, Loses About 40% in Two Months

[Image source=Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The leading cryptocurrency Bitcoin is hovering below 40 million KRW. Experts have issued negative forecasts, predicting that Bitcoin's price will remain below $30,000 (approximately 34.05 million KRW) by the end of this year.

According to the domestic cryptocurrency exchange Upbit, as of 11:17 AM on the 2nd, Bitcoin was recorded at 38.81 million KRW, down 1.30% from the previous day. It rose to 41.83 million KRW on the 30th of last month but has been declining since then.

Experts expect Bitcoin's price to fall further. On the 1st (local time), a survey conducted by the U.S. economic media CNBC targeting 100 Wall Street financial experts showed that the majority predicted Bitcoin would remain below $30,000 by the end of this year. Art Cashin, director at the overseas financial firm UBS, also set $30,000 as a benchmark. He stated, "If Bitcoin maintains the $30,000 level, it could rebound, but if it breaks down, selling pressure will follow."

Some experts even predict Bitcoin could drop to $10,000. According to the cryptocurrency specialized foreign media U.Today on the 1st, Clem Chambers, CEO of the financial information platform company ADVFN Financial Network, explained, "Cryptocurrencies have repeatedly surged and crashed according to the four-year halving cycle," adding, "Technically, Bitcoin's bottom is $10,000, but it could fall as low as $7,000, and the situation is worsening." However, he advised that if the market consolidates for several years, a bullish market like this year could return.

Meanwhile, Nexon Japan, which purchased about $100 million worth of Bitcoin, reportedly lost about 40% in two months. Nexon announced on the 1st that it recorded a non-operating loss of 4.499 billion yen (approximately 45.74178 billion KRW) in cryptocurrency trading asset valuation losses for the second quarter of this year. On April 28, Nexon purchased 1,717 Bitcoins at an average price of $58,226. At that time, Owen Mahoney, CEO of Nexon Japan, stated, "We purchased Bitcoin to enhance shareholder value and maintain the value of cash-equivalent assets."

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