[Bitcoin Now] Sideways Movement Around 65 Million KRW... JP Morgan Says Institutional Investors Driving Uptrend

In May, JP Morgan and Institutional Investors Analyzed to Shift from Bitcoin to Gold

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The leading cryptocurrency Bitcoin remains around 65 million KRW. The American investment bank JP Morgan analyzed that institutional investors have recently driven the Bitcoin uptrend.

According to the domestic cryptocurrency exchange Upbit, as of 3:20 PM on the 8th, Bitcoin recorded 65.79 million KRW, up 0.44% from the previous day. It rose to 67.29 million KRW the day before but has since stalled.

Meanwhile, JP Morgan released an analysis that institutional investors are massively participating in the cryptocurrency market. According to cryptocurrency specialized media Cointelegraph on the 7th (local time), JP Morgan stated in their data, "Due to inflation concerns, institutional investors are focusing on Bitcoin as a hedge against losses," and "Institutional investors are evaluating Bitcoin as a better asset than gold."

In the past, JP Morgan was somewhat negative about Bitcoin. In May, JP Morgan analyzed in a report that institutional investors were moving from Bitcoin to gold. Especially, Jamie Dimon, CEO of JP Morgan, is a well-known cryptocurrency skeptic. According to the US economic media CNBC on the 4th, he said, "I think Bitcoin will be regulated somewhere like China," and "It is nothing more than a shiny apple that looks good but is rotten inside."

Meanwhile, Nexon, which had recorded losses from Bitcoin investment, is recovering most of its principal. In August, Nexon's Japan subsidiary purchased 1,717 Bitcoins at an average price of $58,226 (approximately 69.55 million KRW). However, as Bitcoin prices began to plummet, in the second quarter of this year, they recorded a cryptocurrency trading asset valuation loss of 4.499 billion yen (approximately 48.052 billion KRW) as non-operating expenses in their books. Subsequently, as Bitcoin prices recovered, Nexon appears to have recovered most of the losses. Owen Mahoney, CEO of Nexon Japan at the time of purchase, stated, "The purchase of Bitcoin is an important means to maintain the value of cash-equivalent assets in the long term."

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