[Bitcoin Now] Bitcoin Falls to 52 Million Won Range Amid Nasdaq Index Decline

[Image source=Yonhap News]

[Asia Economy Reporter Lee Jung-yoon] Amid the decline of the US Nasdaq index, which is centered on technology stocks, the price of Bitcoin, the representative cryptocurrency, has dropped to the 52 million won range.

According to the domestic cryptocurrency exchange Upbit, as of 9:30 a.m. on the 11th, the price of Bitcoin is trading at 52.56 million won, down 1.06% (563,000 won) from the previous day.

Bitcoin, which had maintained the 53 million won level until the previous day, appears to have been affected by the decline in the Nasdaq index, which is centered on technology stocks. The Nasdaq index closed at 14,185.64, down 2.1% (304.83 points) from the previous session.

On this day, the Nasdaq index fell after the US Consumer Price Index (CPI) for January surged 7.5% year-on-year, marking the largest increase in 40 years. This intensified concerns over tightening by the US Federal Reserve (Fed). Tesla fell 2.93% from the previous session, while Apple, Amazon.com, Nvidia, and Microsoft also dropped 2.43%, 1.35%, 3.28%, and 2.89%, respectively.

Typically, Bitcoin prices move in a trend similar to the Nasdaq index. Until February 4th of this month, Bitcoin was trading in the 46 million won range, but when technology stocks rebounded due to Amazon's strong earnings, it showed a rise of over 10% in just one day.

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