Bitcoin Hits Lowest in 2 Months... Trading at 45 Million Won Range

[Asia Economy Reporter Kwon Jaehee] On the 8th, Bitcoin is recording its lowest price in over two months.

As of 11:35 AM that day, the price of 1 Bitcoin on the domestic cryptocurrency exchange Upbit was 45.49 million KRW, down 3.27% compared to 24 hours earlier.

This is the lowest level in 2 months and 12 days since February 25 (lowest price 43.7 million KRW).

At the same time, on Bithumb, it was trading at 45.32 million KRW, down 3.32%.

This is interpreted as an effect of the recent synchronized decline of the New York stock market, which Bitcoin has been following.

On the 6th (local time), the three major indices of the New York stock market all closed lower amid growing concerns about inflation (rising prices).

The U.S. Department of Labor announced the April employment data, reporting that the average hourly wage rose 0.31% from the previous month and 5.46% from a year ago, and this upward trend is analyzed to have increased concerns about inflation.

Ethereum, the second largest by market capitalization domestically, also fell about 4%, fluctuating around 3.35 million KRW.