Bitcoin recovers after briefly falling below $60,000... Ethereum also declines

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Kim Suhwan] The price of Bitcoin, a representative cryptocurrency, fell sharply below $60,000 at one point before recovering.

According to CoinDesk, as of 6:40 a.m. KST on the 17th, Bitcoin was trading at $60,548.48, down 5.17% compared to 24 hours earlier.

Earlier, Bitcoin had dropped to $58,776.85 around 7 p.m. the previous day.

The price of Ethereum, the second largest cryptocurrency by market size, was also trading at $4,268.10, down 6.67% compared to 24 hours earlier.

The cryptocurrency market has recently shown a bullish trend, with Bitcoin and Ethereum reaching new all-time highs. Bitcoin recorded an all-time high of $68,990.90 on the 10th, and Ethereum also set a record by surpassing $4,848 on the same day.

CNBC reported that the prices of major cryptocurrencies, including Bitcoin, fell sharply, stating that "the drivers behind these price movements are unclear."

However, some analysts suggest that Twitter's Chief Financial Officer (CFO), Ned Segal, saying in an interview with the Wall Street Journal (WSJ) on the 15th that it is "not reasonable" to immediately invest some of the company's cash in crypto assets like Bitcoin, shocked the cryptocurrency market.

Additionally, CNBC pointed out that the National Development and Reform Commission of China announced at a press conference on the 16th that it will continue its crackdown on cryptocurrency mining within China.

The National Development and Reform Commission explained that regulating cryptocurrency mining activities is of great significance for optimizing China's industrial structure, reducing energy consumption and carbon emissions, and achieving carbon neutrality goals.

It also stated that it is considering imposing punitive electricity rates instead of residential rates on those involved in cryptocurrency mining activities.

Vijay Ayyar of cryptocurrency exchange Luno said, "I think we are seeing a healthy pullback after a seven-week rally where Bitcoin rose from $40,000 to $69,000," adding, "This is normal in an upward trend."

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