[Bitcoin Now] Stock Market Plummets... Bitcoin Also 'Stalls'

Decline Since Previous Day... Falls Below 12 Million Won

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[Asia Economy Reporter Minwoo Lee] Amid a sharp decline in the domestic stock market, the price of the representative cryptocurrency Bitcoin has also fallen back to the 11 million KRW range.

According to the domestic cryptocurrency exchange Upbit on the 24th, as of 2:12 PM, the price of Bitcoin was recorded at 11.99 million KRW. Although it rose 0.46% compared to 24 hours earlier, the 12 million KRW level, which had been maintained recently, has fallen for two consecutive days. Bitcoin prices recovered to the 12 million KRW range on July 27 after about two months and continued in the 13 million KRW range until early this month. It was maintained at 12.83 million KRW until the 21st but began to decline from the 22nd.

Other major cryptocurrencies such as Ethereum and Ripple are also showing slight declines. Ethereum recorded 378,600 KRW, up 0.85% compared to 24 hours earlier. Ripple showed 260 KRW, up 0.39% during the same period.

Meanwhile, the domestic stock market showed a sharp decline on the same day. The KOSPI opened at 2,295.62, down 1.61% from the previous close, and fell to 2,277.70 as of 2:18 PM. It appears that the heavy selling pressure centered on technology stocks, which had seen significant gains since the beginning of the year in the U.S. stock market, also weighed on the domestic stock market.