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Bitcoin price fell below 40 million won during the day, trading at the lowest price in three months. Regarding the recent plunge, there will be a major crash like 2018, it is only a temporary adjustment, conflicting arguments are confronting.
Reporter Jeong Seong-jin reports.
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Bitcoin, which soared to 82 million won in the middle of last month, fell to 39 million won at the beginning of the morning.
This is the first time since the 5th of February that it has fallen below 40 million won, at a level of half of the peak.
Cryptocurrencies with high transaction volumes such as Ethereum and Dogecoin also plummeted.
Nexon, which bought 100 billion won worth of bitcoin through a Japanese subsidiary last month, plans to continue its long-term investment despite the recent loss of close to 50 billion won.
Even among individual investors, they are debating whether they are selling out or whether now is the chance to live.
However, the environment surrounding the cryptocurrency market is getting worse.
In addition to the strengthening of regulations in both the US and China, real-name account issuance is mandatory in Korea from September. Many commercial banks have decided not to sign contracts for issuing real-name accounts with cryptocurrency exchanges, increasing the possibility of small and medium-sized exchanges being closed.
There is also a sharp criticism from experts that the market price of cryptocurrency is influenced by crowd sentiment rather than actual value.
[Kim So-young/Professor, Department of Economics, Seoul National University: Since it is not clear that it is an intrinsic value, it seems that most of the cryptocurrency prices are determined by expectations. Value volatility is bound to be large.]
Above all, if liquidity tightens, the risk of volatility in the cryptocurrency market is the greatest.