[Bitcoin Now] Bitcoin Decline... 7 Million Won Range Also Precarious

Acceleration of Cash Preference Due to Financial Market Instability

Source=Upbit

[Asia Economy Reporter Minwoo Lee] The price of Bitcoin has fallen to the low 7 million KRW range. The fear in the financial markets caused by the novel coronavirus infection (COVID-19) appears to still be affecting the virtual currency (cryptocurrency) market.

According to the domestic virtual currency exchange Upbit as of 8:30 AM on the 30th, the price of Bitcoin is recorded at 7.25 million KRW, down 5.36% from the previous day. There is a possibility that it could fall back to the 6 million KRW range for the first time in ten days since the 19th.

Major virtual currencies such as Ripple, Ethereum, and EOS are also on a downward trend. At the same time, Ripple is down 6.94% to 201 KRW, Ethereum is down 3.89% to 154,500 KRW, and EOS has fallen 2.96% to 2,620 KRW compared to 24 hours ago.

The overseas market situation is similar. According to CoinMarketCap, which broadcasts the global virtual currency market status, the price of Bitcoin is down 4.61% from the previous day to 5,938 USD. Due to instability in the financial markets, a trend of securing cash has appeared among both companies and individuals, causing investment sentiment in virtual currencies to freeze.

Alex Sanders, CEO of the blockchain education platform 'Nuggets News,' explained, "Last week, 3.3 million Americans applied for unemployment benefits," adding, "Unemployed people consider cash as a last resort, so demand for Bitcoin may decrease." Cryptocurrency specialist analyst The Moon also tweeted, "Due to the impact of COVID-19, Bitcoin will show the largest decline in a year," and predicted, "If the Bear Flag support line (a slight rise after a sharp drop) collapses, the price of Bitcoin could plunge to 2,400 USD."