"Should I Buy or Sell Coins?" Cautious 2030s Amid Cryptocurrency Boons and Banes

Cryptocurrency in a Box Range Without Sharp Drops or Rises... Experts Divided
Some Wall Street Investment Experts Predict Bitcoin Decline in Second Half
Bybit: "Price Rebound When Short Position Liquidation Peaks"
2030 Investors Show Mixed Views: "Watching" and "Buying"

As of the morning of the 23rd of last month, the cryptocurrency Bitcoin is being traded at around 37 million won on domestic exchanges. [Image source=Yonhap News]

[Asia Economy Reporter Han Seung-gon] "I'm cashing out for now and watching the market," "There are no more negative factors coming, so I'm buying."

Cryptocurrency is fluctuating between positive and negative news. Even experts' opinions are divided. According to CNBC on the 1st (local time), a survey of over 100 Wall Street investment experts in the U.S. showed that 44% of participants expect Bitcoin to fall below $30,000 in the second half of this year. This figure is nearly twice the percentage of those who predicted Bitcoin would reach the $40,000 or $50,000 range.

Art Cashin, Director at UBS, said, "Bitcoin is currently testing the $30,000 level, which is a critical situation," warning that "if the price moves downward, selling pressure could continue."

Of course, there are also positive developments. Recently, Japan's SoftBank Group invested $200 million in Mercado Bitcoin, the largest cryptocurrency exchange in Latin America. This investment was made through the SoftBank Latin America Fund. Such an investment can be interpreted as a message of continued trust in the value of cryptocurrencies.

Additionally, El Salvador became the first country in the world to adopt Bitcoin as legal tender. President Bukele stated that it would "gradually increase jobs and economic development."

There are also forecasts of rising coin prices. Cryptocurrency analyst Will Clemente claimed, "Bitcoin's bullish reversal is maturing." According to the cryptocurrency specialized media Daily Hodl on the 1st (local time), Will Clemente told his nearly 127,000 Twitter followers that there are several indicators showing Bitcoin is ready for a reversal. He emphasized, "The funding rate for Bitcoin perpetual futures contracts has been negative for 11 consecutive days," which is a bullish signal.

Furthermore, cryptocurrency derivatives exchange Bybit stated, "The funding rate turning negative means that the short (sell) positions of the selling force are increasing in size," adding, "Generally, when short position liquidations peak, prices tend to rebound."

On April 29th, the coin prices were displayed on the price board at Bithumb Gangnam Center in Gangnam-gu, Seoul. [Image source=Yonhap News]

Amid mixed positive and negative factors, cryptocurrency prices seem to be stuck in a box range. According to the cryptocurrency exchange Upbit, as of 9 a.m. on the 3rd, Bitcoin was trading at 39.48 million KRW per coin, up 5.96% compared to the same time last week. Bitcoin has been hovering around 40 million KRW for nearly a week.

Among investors in their 20s and 30s, who make up a large portion of coin investors, various opinions are emerging about whether to continue investing or to sell and buy again as the coin price remains in the box range.

Kim, a company employee in his 30s, said, "Since the coin price can rise and fall sharply, I have recovered all my principal for now and am watching the market," adding, "I plan to buy if the price drops sharply." He further explained, "However, even if I buy at the point of a sharp drop, the price could collapse again, so I am watching carefully."

Park, a worker in his 20s, said, "There have been too many negative factors from China so far," adding, "I don't think there will be any more negative factors; it has already collapsed as much as it could," and "I'm not buying all at once, but I am buying for now and planning additional purchases." He also said, "And I definitely feel that the coin market has somewhat stabilized now."

On the morning of May 18th, the Bitcoin price was displayed on the electronic billboard at Bithumb Gangnam Center in Gangnam-gu, Seoul. [Image source=Yonhap News]

Earlier, on the 22nd of last month, Bitcoin's price fell below $30,000. This was a drop of more than 50% in just over two months since it approached the all-time high of $65,000 on April 13.

The consecutive negative factors caused the sharp decline. As the Chinese government's complete ban on cryptocurrencies became a reality, Bitcoin demand sharply decreased, and panic selling by investors engulfed in fear continued, raising concerns that the price could collapse to the $20,000 level. The $30,000 level was breached for the first time since January 28.

Meanwhile, as of today (the 4th), Bitcoin is trading in the 40 million KRW range. At 8:25 a.m. on this day, 1 Bitcoin was trading at 49.6 million KRW on the domestic cryptocurrency exchange Bithumb, up 1.94% from 24 hours earlier.

On another exchange, Upbit, 1 Bitcoin is priced at 40.211 million KRW. Ethereum prices are currently 2.558 million KRW on Bithumb and 2.566 million KRW on Upbit, both more than 2% higher than the previous day (based on Bithumb).

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