Bitcoin at Risk Below $30,000... Korean Game Companies' Coins Also Plummet

[Asia Economy Reporter Kang Nahum] As the U.S. stock market plummets, the cryptocurrency market is also staggering. Bitcoin, considered the "blue-chip" cryptocurrency, has fallen to the $30,000 level, with forecasts suggesting it could drop further into the $20,000 range. Cryptocurrencies issued by domestic game companies are also continuously declining day by day, failing to find opportunities for a rebound.

◆ The Fall of Bitcoin = According to the cryptocurrency market site CoinMarketCap on the 10th, Bitcoin was trading at 38.51 million KRW per coin as of 9 a.m. that day. This is about a 10% drop compared to 24 hours earlier. When converted to U.S. dollars, it is $30,142, barely holding above the $30,000 mark.

Bitcoin plunged to the $34,000 range on the 8th, halving from its all-time high of about $69,000 in November last year, and then plunged vertically again as the U.S. New York stock market declined that day. Altcoin prices also dropped sharply. Ethereum, considered the leading altcoin, was trading at 2.9 million KRW per coin, down 10% compared to the same time the previous day.

The crash of Bitcoin is attributed to the sharp decline in the U.S. stock market due to the Federal Reserve's interest rate hikes. The synchronization between the stock market and the cryptocurrency market has intensified as professional investors enter the cryptocurrency market. Foreign media such as Bloomberg diagnosed, "Bitcoin prices are falling as global investors withdraw from risk assets due to inflation and monetary tightening policies," adding, "The decline has expanded, dropping more than 50% from the peak."

◆ Coins Issued by Korean Game Companies Also Halved = There are also forecasts that Bitcoin prices could fall to the $20,000 range. Cryptocurrency analyst Timothy Peterson predicted that Bitcoin could drop an additional 21% or more. He suggested the bottom price of Bitcoin to be $28,000.

Along with the sharp drop in Bitcoin prices, coins issued by domestic game companies are also struggling. Marbrex (MBX), issued by Netmarble, was traded at 43,473 KRW on ClaySwap three weeks ago on the 20th of last month, but after being listed on Bithumb, it recorded a peak price of 64,400 KRW and has now plunged to 22,112 KRW. During the same period, Wemix, issued by Wemade, fell about 50% from 4,749 KRW to 2,402 KRW. Bora, a coin issued by MetaBora, a subsidiary of Kakao Games, is trading at 577 KRW, nearly half the price from three weeks ago (1,019 KRW).

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