[Bitcoin Now] Rebounds to 53 Million KRW Range... Investor Sentiment Recovers Amid Altcoin Uptrend

El Salvador's Bitcoin Investment Loss Estimated at Approximately 11.9 Billion KRW

[Image source=Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The leading cryptocurrency Bitcoin rebounded to the 53 million KRW range. The rise of altcoins other than Bitcoin is interpreted as a recovery of investor sentiment in the cryptocurrency market.

According to the domestic cryptocurrency exchange Upbit, as of 2:21 PM on the 13th, Bitcoin recorded 53.06 million KRW, down 0.56% from the previous day. It had fallen to 48.89 million KRW on the 10th but rebounded 8.52% afterward. It also rose to 53.94 million KRW at 10:55 PM the previous day.

The rise of altcoins is seen as having boosted investor sentiment. On the 12th (local time), cryptocurrency media CoinDesk reported, “Altcoins such as Phantom, Stellar Lumens, and Shiba Inu Coin rose more than 10% in the past 24 hours,” adding, “The surge of altcoins surpassing Bitcoin reflects the risk appetite of investors.”

The rise of altcoins can also be confirmed on Upbit. The cryptocurrency ‘Wemix,’ issued by Wemade, began to surge after being listed on Upbit on the 11th. According to the domestic cryptocurrency exchange Bithumb, Wemix rose 31.43% and 27.44% on the 11th and 12th, respectively.

Altcoins are also sharply rising on this day. As of the same time, Medibloc’s increase was the largest at 30.48%, followed by 1inch Network (11.38%), Dogecoin (7.11%), Something (4.90%), OmiseGO (4.77%), and Pundi X (3.98%).

[Image source=Yonhap News]

Meanwhile, Bitcoin investment returns in the Latin American country El Salvador have been reported to be negative. On the 12th, U.S. economic media Bloomberg estimated that El Salvador might have suffered a loss of about 10 million USD (approximately 11.882 billion KRW) from Bitcoin investments. According to President Nayib Bukele’s Twitter, El Salvador purchased at least 1,391 Bitcoins, with an average purchase price estimated at 51,056 USD.

However, Bloomberg stated that since the calculation was based on President Bukele’s Twitter, the exact figures are not confirmed. Currently, El Salvador does not disclose the timing and price of Bitcoin purchases. El Salvador adopted Bitcoin as legal tender for the first time in the world in September last year.

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