[Bitcoin Now] Cryptocurrency Rebounds After a While... Trading Around 59 Million KRW in Korea

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[Asia Economy Reporter Minji Lee] Bitcoin, the cryptocurrency with the largest market capitalization, is showing an upward trend in both domestic and international markets after a long time. Although it had been declining due to major central banks shifting to tightening policies, the rebound in the Nasdaq futures index and the revival of investment demand for risk assets are analyzed as reasons for this recovery.

As of 3:10 PM on the 21st, according to Upbit, a domestic cryptocurrency exchange, Bitcoin is priced at 59,625,000 KRW, up 2.78% (1,614,000 KRW) compared to the previous trading day. The daily trading volume is around 428.9 billion KRW.

Bitcoin is also showing an upward trend on another exchange, Bithumb. At the same time, Bitcoin is priced at 59,455,000 KRW, up 3.53% (2,026,000 KRW). Most other coins are maintaining an upward trend as well. Ethereum (2.92%), Ripple (4.86%), EOS (3.22%), TRON (1.36%), ADA (1.45%), Stellar Lumens (0.5%), and Chainlink (1.3%) all maintained gains.

Bitcoin is also rising on overseas exchanges. Bitcoin is priced at $48,564.37, up 4.22% compared to the previous trading day. Ethereum (3.98%), Binance Coin (1.31%), Tether (0.03%), Solana (2.06%), Cardano (3.25%), and Terra (5.77%) are also showing upward trends.

In the afternoon, as the Nasdaq futures index turned to an upward trend, Bitcoin showed a similar movement to the Nasdaq futures index. On the previous day’s regular U.S. trading session, the three major indices including the Nasdaq sharply declined due to concerns about Omicron and the possibility of economic lockdowns. However, the outlook that excessive concerns about Omicron were already reflected lifted the indices. Accordingly, Bitcoin, classified as a risk asset, is also continuing its upward trend. Earlier, Eddie Van Der Walt, an analyst at Bloomberg in the U.S., appeared on Bloomberg TV and said that Bitcoin’s weakness is largely influenced by central banks’ tightening policies. He mentioned, “The future direction cannot be predicted with certainty whether a Santa rally will occur by the end of the year because other central banks’ tightening policies may have an impact, but since Bitcoin is increasingly related to tech stocks, we need to watch the Nasdaq closely.”

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