[Bitcoin Now] Bitcoin, Which Aimed for an All-Time High, Drops to $118,800

Rally to $122,300 Followed by a Pullback
Ethereum Surges to $4,300

The price of Bitcoin, the virtual asset that had recovered to $120,000, has slightly declined and is now trading around the $118,800 level.

According to CoinMarketCap, a global virtual asset market data site, as of 9:16 a.m. on August 12, the price of Bitcoin was $118,824, down 0.38% compared to 24 hours earlier.

At one point, the price of Bitcoin rose to the $122,300 range, narrowing the gap with its all-time high of around $123,091 recorded on July 14. According to CoinMarketCap, this is the first time since July 23 that Bitcoin has recovered the $120,000 level.

The recent strength in virtual assets can be attributed to the U.S. Securities and Exchange Commission (SEC) easing regulations on Ethereum and news that Harvard Management Company (HMC) has invested approximately $116 million in a Bitcoin exchange-traded fund (ETF). In addition, following last month's employment shock, expectations for a Federal Reserve interest rate cut in September and the possibility of further cuts within the year have increased risk appetite.

Ethereum also showed strength ahead of Bitcoin. After trading around $3,300 on August 2, Ethereum surpassed $4,000 on August 8 and even climbed to $4,300. This has narrowed the gap with its all-time high of around $4,800 recorded in November 2021. Currently, it is trading around the $4,200 level.

Yang Hyunkyung, a researcher at iM Securities, said, "The growth of stablecoins is having a significant impact on the virtual asset ecosystem, and the Ethereum network in particular is expected to become more active." She added, "As companies adopt Ethereum treasury strategies following Bitcoin, buying momentum appears to be increasing."