[Bitcoin Now] Stuck in 11 Million Won Box, Only Sideways Movement Repeated

Ethereum, Ripple, and Others Also Quiet

Photo by Getty Images Bank

[Asia Economy Reporter Minwoo Lee] The price of the virtual currency (cryptocurrency) Bitcoin is struggling to move away from around 11 million KRW.

According to the domestic virtual currency exchange Upbit, as of 6:23 PM on the 15th, the price of Bitcoin was recorded at 10.97 million KRW. Since dropping to the low 11 million KRW range on the 24th of last month, it has shown little sign of rebounding.

According to the virtual currency market tracking site CoinMarketCap, the global daily trading volume of Bitcoin was around 21 trillion KRW. This is less than a quarter of the 93 trillion KRW recorded just before the World Health Organization declared the COVID-19 pandemic in March. It is analyzed that trading volume has decreased and upward momentum has disappeared due to increased uncertainty in the real economy.

Other major virtual currencies are also quiet. At the same time, Ripple was traded at 236 KRW, down 0.42% compared to 24 hours earlier. After recording 251 KRW on the 9th, the trend has been gradually declining. Ethereum also showed 285,250 KRW at the same time, down 0.16% from the previous day. Since the 10th, it has been hovering around 285,000 KRW.