[Asia Economy Reporter Kim Hyung-min] On the 28th, Bitcoin fell to the 27 million KRW range in the domestic cryptocurrency market.
As of 2:54 PM on the same day, the price of 1 Bitcoin on the domestic cryptocurrency exchange Upbit was 27,699,000 KRW, down 0.15% compared to 24 hours earlier. At the same time, on Bithumb, it was trading at 27,673,000 KRW, down 0.28%. Ethereum fluctuated around 2,060,000 KRW, up 0.59% compared to 24 hours earlier.
Cryptocurrencies declined as risk-asset avoidance sentiment spread amid concerns over U.S. monetary tightening. Jerome Powell, Chairman of the U.S. Federal Reserve (Fed), stated at the Economic Policy Symposium (Jackson Hole Meeting) held in Jackson Hole, Wyoming on the 26th that the policy of raising interest rates will continue, and that "it is necessary to maintain a restrictive monetary policy stance for some time" thereafter.
As Chairman Powell showed a preference for monetary tightening, the Dow Jones Industrial Average fell more than 1,000 points on the 26th in the New York stock market, with the three major indices showing declines of around 3%.
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