cryptocurrency made by a Korean blockchain company went public yesterday (20th), and in 30 minutes, its price jumped more than 1,000 times. It is a level that cannot be explained reasonably, but in the virtual currency market that is like a speculative plate, investors are concerned about great damage.
This is reporter Lim Tae-woo.
Newly launched Arowana token to help gold transactions based on blockchain technology.
Yesterday, in 30 minutes from the start of the transaction, it soared from 50 won to 53,000 won, a whopping 1,000 times.
Currently, it is still around 30,000 won, but there is no way to explain the reason for the sudden rise of hundreds of times.
[Virtual currency investors: In general, information about coins should be disclosed in a transparent manner, but even if you ask (to the company), you do not respond at all... .] The
phenomenon of fluctuating prices without a reasonable reason is frequent in non-mainstream cryptocurrencies, so-called'altcoins'.
Representatively, Dogecoin has risen more than 10 times in a few days and has recently plunged by nearly 30%.
Altcoins, which have a larger price fluctuation than Bitcoin, are crowded with people looking for a quick cash, especially among young people in their 20s and 30s.
In the first quarter of this year, among new investors in the four major exchanges, 1.58 million people in their 20s and 30s accounted for more than 60% of the total.
[Han Seung-wan/College Student: My friends around me are using cryptocurrency. I haven't been able to get a job these days, so I think I'm looking for it as a breakthrough.]
Experts say that the reason why they jump into speculation even though they think it has risen too much is because there is a widespread belief that there is a'bigger fool' who will buy it for a higher price.
[Hwang Sewoon/Senior Research Fellow, Capital Market Research Institute: There seem to be some investors who come into the cryptocurrency market through debt. In fact, you are investing now with a great risk.]
Unlike the stock market, in the cryptocurrency market, there is no subject or method to prevent or punish market manipulation.
There is no way to receive damage compensation even if you jump in aiming for a cold and become a prey to manipulate the market price.
(Video coverage: Yoohyuk Yoo, video editing: Kim Seon-tak)