Bitcoin Price Falls Below $34,000... Halves from All-Time High

[Photo by Reuters-Yonhap News]

[Asia Economy Reporter Park Byung-hee] The price of Bitcoin has fallen to half of its all-time high recorded in November last year, breaking below the $34,000 mark.

According to cryptocurrency information site CoinDesk, as of 8:18 AM KST on the 9th, the price of Bitcoin is $34,223.34, down 3.3% compared to 24 hours earlier. Bitcoin's price had previously dropped below $34,000 but has somewhat reduced its losses. The 24-hour low currently stands at $33,738.40.

Compared to the all-time high of $67,802.30 recorded in November last year, Bitcoin's price has dropped to about half.

At the same time, Ethereum, which has the second largest market capitalization after Bitcoin, is trading at $2,529.96, down 3.7% from 24 hours ago. Ethereum's price had earlier fallen to $2,488.35.

Recently, cryptocurrency prices including Bitcoin have shown a weak trend alongside the global stock markets. The Wall Street Journal (WSJ) explained that the decline in cryptocurrency prices reflects the drop in the stock market, and as more professional investors such as institutional investors enter the market, the cryptocurrency market is increasingly synchronizing with traditional asset markets.

The current decline in Bitcoin prices is also interpreted as a result of the crash in the New York stock market on the 6th. On the 6th, the New York stock market plunged due to the Federal Reserve (Fed), the US central bank, raising the benchmark interest rate by 0.5 percentage points the previous day, with the S&P 500 index falling 3.56% and the Nasdaq index dropping 4.99%.

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