[Bitcoin Now] Slight Drop to 71 Million Won Range... NFT-Related Altcoins Surge

Sandbox, PlayDapp and Other NFT-Related Altcoins Surge
US Ambassador to El Salvador: "We Will Move Forward to Escape Dollar Hegemony"

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The leading cryptocurrency Bitcoin has fallen to the 71 million KRW range. However, altcoins related to non-fungible tokens (NFTs) are surging. Meanwhile, the ambassador of El Salvador to the United States, a Latin American country, claimed that the economic structure will be reorganized away from dollar hegemony toward a Bitcoin-centered system.

According to the domestic cryptocurrency exchange Upbit, as of 2:41 PM on the 25th, Bitcoin recorded 71.29 million KRW, down 0.53% from the previous day. It rose to 73.20 million KRW at 9:48 AM that day but has been declining since then.

However, NFT-related altcoins are showing an upward trend. The previous day, Sandbox and PlayDapp rose by 40.48% and 10.58%, respectively. Sandbox has attracted the most attention, rising 838.81% over the past month. On the same day, Moss Coin also rose 23.38%.

Thanks to the rise of NFT-related altcoins, Upbit’s trading volume has increased significantly. According to the cryptocurrency market data site CoinMarketCap, Upbit’s 24-hour trading volume was $12.1 billion (approximately 14.3942 trillion KRW), up 70.39% from the previous day. On the same day, Bithumb and Korbit’s trading volumes rose 13.45% and 7.81%, respectively, while Coinone’s decreased by 16.48%, showing a contrasting trend.

The ambassador of El Salvador to the United States boldly asserted that Bitcoin will become the mainstream of the global economy. According to cryptocurrency media CoinDesk on the 24th (local time), Milena Mayorga, the ambassador of El Salvador to the United States, said, “Many countries are watching El Salvador, which adopted Bitcoin as legal tender, with concern, but they will soon follow our leadership.” She also added, “I know the United States fears losing the influence of the dollar,” and “El Salvador will move forward to break away from dollar hegemony.”

El Salvador became the first country in the world to adopt Bitcoin as legal tender in September. President Nayib Bukele of El Salvador argued that Bitcoin can provide financial accessibility to citizens. However, the International Monetary Fund (IMF) expressed concerns that Bitcoin’s volatility could cause problems in terms of consumer protection, fiscal soundness, and stability.

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