[Bitcoin Now] Sideways Movement This Month... Unable to Break 11 Million Won

Unable to Escape the Range of Early 11 Million to Late 10 Million Won for Over 20 Days

[Asia Economy Reporter Minwoo Lee] The price of Bitcoin, the leading cryptocurrency, has been steadily hovering this month. It appears to be fluctuating around 11 million KRW without significant ups and downs.

According to the domestic cryptocurrency exchange Upbit, as of 3:52 PM on the 14th, the price of Bitcoin was recorded at 10.99 million KRW. Since dropping to 11.23 million KRW on the 24th of last month, it has rarely moved outside the range of the low 11 million KRW to the high 10 million KRW.

Other major cryptocurrencies are showing greater volatility compared to Bitcoin. At the same time, Ripple was down 0.84% from 24 hours earlier, trading at 235 KRW. It had fallen to 208 KRW on the 2nd but then jumped to 225 KRW on the 6th and 251 KRW on the 9th.

Ethereum is similar. At the same time, it recorded 284,600 KRW, down 0.14% from the previous session. It has been hovering since the 10th. However, like Ripple, it rose from 267,900 KRW on the 5th to 286,000 KRW in one day. On the 9th, it even surged into the 290,000 KRW range.

The decrease in trading volume and the disappearance of upward momentum are analyzed to be due to growing uncertainties in the real economy. Konstantin Kogan of BitBull, an overseas virtual asset fund, explained, "Exchanges like Coinbase are also experiencing difficult times this month due to reduced trading volumes," adding, "Investors are facing unprecedented economic uncertainties, and the 'Fear and Greed' index has been rising since last week, pointing to 'neutral,' indicating that investors are somewhat confused."