[Bitcoin Now] Staying Around 53 Million Won Amid Adjustment Period... Still Uncertain National Regulations

Bitcoin Surges Over 40% in the Past Month... Short-Term Slowdown Possible
11 Companies Supporting Illegal Cryptocurrency Transactions to Be Corrected by People's Bank of China

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The representative cryptocurrency Bitcoin remained in the 53 million KRW range. Since Bitcoin has surged more than 40% in the past month, it is interpreted that it has entered a correction phase. However, regulations by countries such as China and Spain still stand out as risk factors.

According to the domestic cryptocurrency exchange Upbit, as of 7:37 PM on the 18th, Bitcoin recorded 53.62 million KRW, up 1.84% compared to the previous trading day. On the 13th, Bitcoin rose 5.89% to reach 55.31 million KRW but then slightly declined.

It was interpreted that the recent sharp rise is undergoing a correction. Since Bitcoin has risen more than 40% in the past month, it has entered a period of temporary pause. On the 17th (local time), cryptocurrency specialized media CoinDesk forecasted that cryptocurrencies may slow down in the short term but will continue to rise in the long term. It also predicted that some profit-taking might occur due to the lack of short-term momentum.

Nathan Cox, Chief Investment Officer (CIO) of digital asset management firm Two Prime, said, “Considering technical indicators and on-chain data of cryptocurrency transactions, a rebound is expected,” but added, “It cannot yet be said that the risk is completely gone.”

However, some analyses suggest that attempts to regulate cryptocurrencies in certain countries are hindering the upward trend. According to CoinDesk on the 17th, the Shenzhen branch of the People's Bank of China announced plans to take corrective actions against 11 companies that supported illegal cryptocurrency trading activities. The Spanish financial authorities also issued warnings to 12 cryptocurrency exchanges, including Huobi and Bybit, for operating without completing registration procedures.

Previously, Bitcoin sharply dropped due to strong regulations by the Chinese government. Since May, starting with Inner Mongolia, the Chinese government imposed sanctions on cryptocurrency-related companies and individuals in Sichuan Province and Anhui Province. As a result, Bitcoin, which was in the 70 million KRW range in May, fell to the 30 million KRW range within a month.

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