[Bitcoin Now] Drops to 55 Million KRW Range... Capital Inflow into Altcoin Funds

Altcoins Rise Alternately... ELF Up 18.53%
John Paulson, Who Predicted the Subprime Mortgage Crisis, Says "Bitcoin's Value Will Converge to Zero"

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The leading cryptocurrency Bitcoin has fallen to the 55 million KRW range. Meanwhile, as altcoins showed strength, funds have been flowing into altcoin-related financial products.

According to the domestic cryptocurrency exchange Upbit, as of 2:23 PM on the 31st, Bitcoin recorded 55.6 million KRW, down 0.35% from the previous day. It rose to 58 million KRW on the 29th but has been declining continuously since then.

Altcoins are showing strength alternately. At the same time, ELF rose 18.53% from the previous day to 550 KRW. It has risen for three consecutive days since the 29th, showing a trend opposite to Bitcoin. Other altcoins such as Cosmos, MOS Coin, and Golem also rose by 6.23%, 6.11%, and 5.39%, respectively.

A similar trend is appearing in cryptocurrency-related funds. According to cryptocurrency specialized media CoinDesk on the 30th (local time), Bitcoin-based financial products recorded net outflows for eight consecutive weeks, with a total of 3.8 million USD (approximately 4.4 billion KRW) withdrawn.

On the other hand, funds flowed into altcoin financial products. About 10.1 million USD flowed into Cardano (ADA)-related funds, whose price recently doubled, over the past month. Also, according to the cryptocurrency analysis platform CryptoCompare, the assets under management (AUM) of Ethereum-based financial products recorded 13.8 billion USD, an increase of 72.8% compared to the previous month.

Meanwhile, John Paulson, chairman of hedge fund Paulson & Co., who predicted the 2007 subprime mortgage crisis, forecasted that the value of cryptocurrencies will converge to zero. The 2007 subprime mortgage crisis refers to the international financial crisis caused by the successive bankruptcies of U.S. mortgage lenders. On the 30th, in an interview with U.S. economic media Bloomberg, Chairman Paulson said, “When the cryptocurrency market boom subsides and liquidity decreases, the value of cryptocurrencies will disappear,” adding, “I would not recommend cryptocurrency investment to anyone.” Furthermore, he criticized that the intrinsic value of cryptocurrencies is nothing other than the limitation on total issuance.

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