[Bitcoin Now] Hesitating at 73 Million Won... Goldman Sachs CEO Says "Greed Has Outpaced Fear"

Global Investment Markets Surge Due to Massive Stimulus... Possibility of Interest Rate Hike Raised
Algorand Listed on Upbit on the 18th... Plummets About 75% from Peak Within 30 Minutes

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Gong Byung-sun] While the leading cryptocurrency Bitcoin is hesitating around the 73 million KRW mark, David Solomon, CEO of the major U.S. investment bank Goldman Sachs, has warned about the overheated investment market.

According to the domestic cryptocurrency exchange Upbit, at 2:32 PM on the 18th, Bitcoin recorded 73.56 million KRW, down 0.50% from the previous day. It reached an all-time high of 82.7 million KRW on the 9th but has been declining since. At 1:32 PM on the same day, Bitcoin even dropped to 72.49 million KRW.

Warnings are emerging that greed in the current investment market is excessive. On the 17th (local time), according to U.S. economic media Bloomberg, CEO Solomon said at the Bloomberg New Economy Conference, “Based on my 40 years of experience, this is a time when greed has overtaken fear,” adding, “Such periods do not last long and will be readjusted to find balance.”

The investment market, including the cryptocurrency market, began to surge following large-scale stimulus measures by governments worldwide due to the COVID-19 pandemic. CEO Solomon also predicted that if the COVID-19 situation settles, governments will raise interest rates to tighten the excessively loosened liquidity. He added, “There is a possibility of rising interest rates, and certain markets will find vitality as a result.”

Meanwhile, newly listed cryptocurrencies on Upbit showed tremendous volatility once again. At 1:30 PM on the same day, the cryptocurrency 'Algorand' listed on Upbit started trading at an opening price of 6,500 KRW but surged to 12,390 KRW within one minute. However, it plunged to the 3,100 KRW range within 30 minutes. In less than an hour, it fell about 75% from its highest price.

The volatility issue of newly listed cryptocurrencies has been continuously pointed out. 'Nucypher,' which was listed on Upbit on the 15th of last month, surged 3,085% in one day, reaching 10,000 KRW, but dropped to the 1,000 KRW range within six hours. The problem is that many investors are targeting such volatility. There are concerns that careless investment could lead to significant losses, so caution is advised when investing.

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