[Bitcoin Now] Drops to 70 Million Won Range... No Positive Factors to Ride the Uptrend

Already Consumed Bitcoin ETF and Taproot-Related Positive Factors

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The leading cryptocurrency Bitcoin is sluggish in the 70 million KRW range. It is interpreted that it cannot rise further due to unclear remaining positive factors.

According to the domestic cryptocurrency exchange Upbit, as of 9:45 a.m. on the 19th, Bitcoin recorded 70.95 million KRW, up 0.49% from the previous day. However, it showed an overall sluggish trend, dropping to 70 million KRW at 8:20 a.m. that day.

Recently, Bitcoin has shown a bearish trend. It reached an all-time high of 82.7 million KRW on the 9th but has been declining since then. From the 1st to the 9th of this month, Bitcoin's growth rate was about 14.34%. However, it fell 14.61% from the 9th to the 18th, giving back the gains. Nevertheless, it has not fallen below the 60 million KRW range since the 15th of last month.

The absence of positive factors is interpreted to have negatively affected Bitcoin. On the 19th of last month (local time), the ProShares Bitcoin Strategy ETF (BITO), an exchange-traded fund based on Bitcoin futures, was launched on the New York Stock Exchange (NYSE). Subsequently, expectations rose that a Bitcoin spot ETF would be launched. However, the U.S. Securities and Exchange Commission (SEC) rejected the approval of VanEck's Bitcoin spot ETF, citing investor protection.

Another Bitcoin futures ETF was launched but performed poorly. On the 16th, VanEck's Bitcoin futures ETF (XBTF) was listed on the Chicago Board Options Exchange (CBOE). On the first day of listing, it opened at $60 and closed flat at $59.73. However, on the 18th, XBTF closed at $58.22, down 3.78% from the previous day.

The positive factors related to Taproot have also been exhausted. According to the U.S. economic media CNBC on the 14th, Bitcoin completed the Taproot upgrade to enhance privacy and efficiency in transactions. As it was a large-scale update for the first time in four years since the SegWit update in 2017, investors had high expectations. However, despite completing the Taproot upgrade, it could not stop Bitcoin's downward trend.

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