[Bitcoin Now] Is It a Safe Asset? Price 'Stalls' Alongside Stock Market Decline

Bitcoin Declines for 3 Consecutive Days... Falls Below 14 Million Won

[Asia Economy Reporter Minwoo Lee] The price of Bitcoin, the representative virtual currency (cryptocurrency), has fallen for three consecutive days, breaking below the 14 million KRW mark.

According to the domestic cryptocurrency exchange Upbit, as of 3:05 PM on the 20th, the price of Bitcoin was 13.76 million KRW, down 0.84% compared to 24 hours earlier. It has been on a downward trend for three consecutive days since surpassing 14 million KRW on the 17th.

Contrary to its previous reputation as a safe asset, it is showing a trend similar to the decline in domestic and international stock markets. On the 19th (local time), the New York stock market closed lower across all three major indices, influenced by the minutes of last month's Federal Open Market Committee (FOMC) released late in the session. The Dow Jones Industrial Average closed at 27,692.88, down 85.19 points (0.31%) from the previous session. The S&P 500 index fell 14.93 points (0.44%) to 3,374.85, and the tech-heavy Nasdaq index dropped 64.38 points (0.57%) to 11,146.46.

The domestic stock market is also showing a downward trend. As of 3:05 PM, the KOSPI index recorded 2,273.10, down 3.70% from the previous session. After reaching a yearly high of 2,458.17 on the 13th, it has been declining for four consecutive days.

Meanwhile, other major cryptocurrencies are also on the decline. At the same time, Ethereum was recorded at 474,350 KRW, down 1.51% compared to 24 hours earlier. Ripple also fell 2.05% to 335 KRW.