[Bitcoin Now] Stagnating Around 46 Million Won... Trading Volume Also Declining

[Image source=Yonhap News]

[Asia Economy Reporter Lee Jung-yoon] The price of the leading cryptocurrency Bitcoin is slightly exceeding the 46 million KRW mark. The trading volume in the cryptocurrency market is also showing a declining trend, resulting in a sluggish movement without signs of a rebound.

According to the domestic cryptocurrency exchange Upbit, as of 5:50 PM on the 4th, Bitcoin recorded 46.48 million KRW, up 1.41% compared to the previous day.

After reaching 47.7 million KRW on the 1st of this month, it remained steady in the 45 million KRW range the day before and only showed a slight rebound on this day. Although it surpassed 80 million KRW in November last year, it has been on a steady decline since then.

The trading volume is also decreasing. According to the cryptocurrency market data site CoinMarketCap, as of 5 PM on this day, Bitcoin’s trading volume was approximately 25 trillion KRW. In January this year, the daily trading volume of Bitcoin reached 90 trillion KRW.

Bitcoin fell due to concerns over tightening by the U.S. Federal Reserve (Fed), threatening the 40 million KRW level. There are also forecasts that investment sentiment toward cryptocurrencies, considered relatively risky assets, will freeze due to signs of liquidity withdrawal by the Fed.

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