[Bitcoin Now] Staying Around 38 Million Won... Is the Musk Effect Over?

No Change After 7.67% Surge on 21st
Job Application NFT Created by Late Steve Jobs

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The leading cryptocurrency Bitcoin remained in the 38 million KRW range. The effect of Tesla CEO Elon Musk's remarks, which triggered a surge in Bitcoin on the 21st, does not seem to last long.

According to the US economic media CNBC on the 21st (local time), Musk said at the cryptocurrency conference The B Word, "If Bitcoin is mined in an eco-friendly way, Tesla may resume Bitcoin payment services," and added, "Personally, I hold not only Bitcoin and Dogecoin but also Ethereum." He also indicated his intention to hold Bitcoin long-term.

However, Bitcoin's upward momentum did not last long. According to the domestic cryptocurrency exchange Upbit, as of 11:52 AM on the 23rd, Bitcoin recorded 38.21 million KRW, up 0.79% from the previous day. On the 21st, Bitcoin surged 7.67% to the 38 million KRW range but has since been sideways. Ethereum, which Musk mentioned he newly holds, also rose 11.47% on the same day and has shown no further change.

In the past, Musk had a significant influence on the cryptocurrency market. On February 8, when Tesla announced it had purchased about 1.5 billion USD (approximately 1.7244 trillion KRW) worth of Bitcoin, Bitcoin rose from the 40 million KRW range to the 60 million KRW range in about a month. Conversely, on May 12, when Tesla suspended Bitcoin payment services citing environmental harm from Bitcoin mining and trading, Bitcoin plunged from the 70 million KRW range to the 50 million KRW range within four days.

Meanwhile, the job application form written by the late Steve Jobs, co-founder of iPhone manufacturer Apple, has been made into a non-fungible token (NFT). NFTs are cryptocurrencies designed to be incompatible with other cryptocurrencies, making them suitable for containing unique value and preferred in the art market. On the 22nd, CNBC reported that the original job application form written by Jobs in 1973 and the NFT were auctioned together. The application form, written after Jobs dropped out of Reed College, does not specify the company or position he was applying for but states that he is proficient with computers. As of 12 PM on the same day, the highest bid for the original application form was 28,000 USD, and the NFT was priced at 1,032.13 USD.