[Bitcoin Now] Increasing Volatility... Bloomberg "Possibility of Drop to $30,000"

Optimism Raised
Perian Boring, President of the US Digital Chamber of Commerce, "30-50% Volatility in Cryptocurrency Market is Normal"

[Image source=Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The leading cryptocurrency Bitcoin is showing volatility, fluctuating by 10% overnight. The U.S. economic media outlet Bloomberg forecasted that Bitcoin could drop to $30,000 (approximately 35.91 million KRW).

According to the domestic cryptocurrency exchange Upbit, as of 11:06 AM on the 25th, Bitcoin was recorded at 44.13 million KRW, down 1.34% compared to the previous day. It fell to 43.78 million KRW at 10:16 AM but soon rose back to the 44 million KRW range, showing no significant fluctuations.

However, Bitcoin showed large volatility early that morning. As of 10 PM the previous day, it recorded 40.87 million KRW, down 7.64% compared to Bitcoin. But at 5:57 AM that day, it surged to 45.6 million KRW. This means it rose about 5 million KRW in 8 hours.

Meanwhile, Bloomberg set $30,000 as the lower boundary for Bitcoin. According to Bloomberg on the 24th (local time), Simon Peters, a researcher at global asset brokerage platform eToro, said, “Bitcoin has already experienced a 50% drop from its peak, but the current situation is more concerning than before,” and predicted, “It will fall to the $30,000 level recorded after China’s cryptocurrency mining ban in May last year.”

Bitcoin plunged sharply last May due to China’s cryptocurrency regulations. In April alone, it recorded 81.99 million KRW but dropped to 33.9 million KRW within two months. However, starting in July, it began to rebound again and broke the all-time high of 82.7 million KRW in November last year.

Wilfred Daye, CEO of digital asset management company Securitize Capital, also explained, “$30,000 is a psychological support level,” adding, “Investors who participated in the bull market will be in trouble.”

However, optimism was also raised. According to U.S. economic media CNBC on the 24th, Perianne Boring, president of the U.S. Chamber of Digital Commerce, said, “Volatility of 30-50% is normal in the cryptocurrency market,” and “The fundamentals of the Bitcoin network are stronger than ever.”