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Major cryptocurrencies such as bitcoin, which had been’falling’ due to bad news from China, rose slightly at the same time.
As of 5:30 pm on the 24th, bitcoin based on Upbit, a cryptocurrency exchange, is recording 44,339600 won, an increase of 4.25% from the previous day.
Bitcoin price broke the 40 million won line, which was regarded as a psychological maginot line, around 1:35 am on the same day. It is only 109 days since February 5 that the price of Bitcoin has fallen below 40 million won.
Concerns from investors watching the fall of bitcoin have increased, but since the afternoon of this afternoon, as the buying trend has steadily flowed in, it has turned to an uptrend and is expanding its breadth. Bitcoin is still unstable, recording a fluctuation of about 18% during the day alone.
Ethereum, which is one of the leading altcoins, also fell by more than 11% during the day, but as a buying trend along with bitcoin flowed, it is currently trading at 2776,000 won, up 7.51% from the previous day.
Dogecoin, which is attracting attention as the CEO of Elon Musk Tesla actively launched, fell more than 13% during the intraday and traded at the 300 won level, but now it is at 400 won, an increase of 6.67% from the previous day. On the basis of Upbit on this day, the amount of Dogecoin transaction is about 1.4 trillion won, which is more than the bitcoin transaction amount of about 1.29 trillion won.
The decline in the price of major cryptocurrencies such as bitcoin on this day is interpreted to be a big influence of the Chinese government’s reaffirmation that it would completely ban the mining and trading of its own cryptocurrency. In fact, even during the cryptocurrency crash in 2018, it has spread all over the world as China’s strong regulatory movements were detected.
However, from this afternoon, as the number of people who judged that it had fallen excessively increased, a small purchase trend continued, and the prices of most cryptocurrencies that had been’falling’ rebounded. Currently, only about 60 of the 178 cryptocurrencies traded on Upbit are falling.