While the bitcoin price broke through the 32 million won mark on the morning of the 31st, Ethereum also crossed the 2.27 million won mark. Ripple also recorded 529 won, and the rally is continuing. Ethereum Classic also reached the 52,000 won mark. Various other coins are rebounding all at once.
Following the Terra-Luna crisis, strong inflation swept through, and the crypto market faced great difficulties. It is evaluated that the overall situation is going badly, with Tesla selling 75% of its Bitcoin holdings.
As of the 1st of last month, there were only 26,284 Bitcoin storage wallets, which fell by 80% from the maximum. Above all, the US Federal Reserve’s announcement of a limited rate hike and the market as a whole are moving away from fears of austerity fiscal tightening is also considered a positive factor.
However, in the broader framework, weight is focused on the prospect that the austerity fiscal stance will continue. In the long run, some say that a price decline is inevitable within the year. Although a short-term rally is possible, this is why people say that investment in cryptocurrencies such as Bitcoin should be conservative in a broad framework.
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