Major cryptocurrencies (virtual currencies) are falling all at once due to concerns about inflation (inflation).
Not only Bitcoin and Dogecoin plunged by 5% and 20%, but Ethereum, which hit an all-time high the day before, also declined.
It can be interpreted that the decline in major cryptocurrencies at the same time was influenced by the plunge in the New York Stock Market due to inflation concerns. Recently, the cryptocurrency market is coupled with the US stock market.
On that day, the New York Stock Market fell all at once, with the Nasdaq plunging more than 2.5% due to rising inflation concerns.
The recent rally in the capital market is due to abundant liquidity due to ultra-low interest rates. However, when inflation rises, central banks in each country have no choice but to reduce liquidity by raising interest rates. If liquidity decreases, the rally in the capital market will inevitably slow down.
â—‡ Bitcoin 5% plunge : As of 6 a.m. on the 11th (Korean time), Bitcoin is recording $5099, a drop of 4.70% from 24 hours ago on CoinMarketCap, a global cryptocurrency market relay site. About an hour ago, Bitcoin had gone down to the $54,000 range.
At the same time, Bitcoin, a trading site in Korea, is trading at 70948,000 won, down 0.78% from 24 hours ago.
â—‡ Dogecoin plunged 20% : Dogecoin plunged 35% right after Elon Musk Tesla’s CEO appeared at SNL on the previous day, and continues to plunge on that day.
Dogecoin is trading at 45.24 cents, a 20.31% plunge from 24 hours ago at the coin market cap at the same time. The day before, Dogecoin plunged to 35% right after SNL aired.
Dogecoin’s plunge for two days in a row is attributed to inflation concerns as well as disappointing sales for Musk’s CEO.
At the same time, the Korean trading site Upbit also trades Dogecoin at 591 won, a 15.93% drop from 24 hours ago.
â—‡ Ethereum also reversed decline : Ethereum, which hit an all-time high on a sharp rise the previous day, also reversed.
Ethereum is trading at $3876, down 0.78% from 24 hours ago at the coin market cap at the same time. Earlier, Ethereum had rallyed, surpassing $4,000 for the first time in history, and then even surpassing $4200.
Ethereum, which used to be, has turned a sharp decline due to inflation concerns.
