The prices of crypto assets such as "Bitcoin", which had been soaring, are plummeting.
It has been pointed out that investors are increasingly moving from crypto assets to other assets against the backdrop of the observation that large-scale monetary easing in the United States will shrink early in the market.
According to BitFlyer, a major cryptocurrency exchange company, cryptocurrency assets have been on an upward trend since the end of last year, with the price of 1 bitcoin reaching a record high of 7.07 million yen in yen on May 14.
It is believed that this is due to the inflow of funds from investors as a new investment destination due to large-scale monetary easing in each country such as the United States.
However, the price has plummeted since mid-May, and on the 24th, it temporarily dropped to 3.4 million yen, less than half of the highest price.
BitFlyer's Jinkou Ao market analyst said, "There is widespread observation that the Fed will reduce large-scale monetary easing early as the US economy recovers, and regulations on crypto assets are tightened in China. There is also a move toward the Fed, and the movement to transfer funds from crypto assets to other assets is increasing, mainly among institutional investors. "
Is the suspension of Tesla Bitcoin also affected?
Regarding Bitcoin, the price increase was spurred by the fact that Elon Musk, the top management of American electric car maker Tesla, made it possible to use Bitcoin as a payment method when purchasing a car.
However, in May, Mr. Musk announced that he would stop using Bitcoin, saying that Bitcoin is using a large amount of electricity to process transactions and burdening the environment.
After that, the price of Bitcoin plummeted.