[Bitcoin Now] Maintaining 57 Million KRW Range... Altcoins Show Consecutive Strength

77.9% of El Salvador Citizens Oppose Bitcoin Legal Tender Adoption

[Image source=Yonhap News]

[Asia Economy Reporter Gong Byung-sun] While the representative cryptocurrency Bitcoin remains steady around 57 million KRW, altcoins are showing continuous strength. Meanwhile, El Salvador, a Central and South American country, is facing strong opposition from its citizens ahead of the adoption of Bitcoin as legal tender.

According to the domestic cryptocurrency exchange Upbit, as of 5:44 PM on the 3rd, Bitcoin recorded 57.75 million KRW, up 1.05% from the previous day. It has risen for three consecutive days since the 1st but shows little fluctuation around the 57 million KRW mark.

On the other hand, altcoins are showing patterns of rapid increases one after another. At the same time, ELF rose 50.51% from the previous day to 881 KRW. In addition, Bitcoin Cash ABC, Golem, and Phirma Chain also increased by 20.77%, 18.62%, and 11.70%, respectively, compared to the previous day.

Trading volume on cryptocurrency exchanges has also increased significantly. According to the cryptocurrency market relay site CoinMarketCap on that day, Upbit’s 24-hour trading volume recorded 11.17225 billion USD (approximately 12.9262 trillion KRW). As of June 21, the combined trading volume of the four major domestic exchanges (Upbit, Bithumb, Coinone, and Korbit) was only about 5.6 trillion KRW. Within two months, Upbit’s trading volume alone has surpassed twice that of the four major exchanges combined.

Meanwhile, most citizens of El Salvador appear to oppose the adoption of Bitcoin as legal tender. On the 2nd (local time), Central American University in El Salvador conducted a public opinion survey of 1,281 citizens and announced that more than two-thirds of respondents answered ‘strongly oppose’ (22.7%) or ‘oppose’ (55.2%) to the adoption of Bitcoin as legal tender. Support accounted for only 27.8% of the total.

In June, the El Salvador National Assembly passed the Bitcoin bill. El Salvador plans to grant Bitcoin legal tender status on the 7th.

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