Cryptocurrency prices plummeted all at once. According to Bloomberg and Reuters on the 21st (local time), the price of Bitcoin sank to the $36,000 level on the same day. The price of altcoins (virtual currencies other than Bitcoin) such as Ethereum also fell.
As virtual currencies continued to plummet this year, the total market capitalization peaked in early November last year, and then evaporated to nearly 1,400 trillion won in two months.
According to Bloomberg News, “Bitcoin has continued to decline since its peak in early November last year, resulting in the loss of $570 billion in market capitalization and a loss of about $1.17 trillion in the entire cryptocurrency market.” .
In addition, the economic magazine Forcheon reported that, citing cryptocurrency information company CoinMarketCap, the market capitalization of virtual currency was $205 billion (244 trillion won) in 24 hours.
Recently, cryptocurrencies have shown a downward trend with the US stock market, continuing to increase the decline. As the Nasdaq market, centered on technology stocks, was hit directly by concerns over interest rate hikes, virtual currencies also collapsed.
As the Wall Street Journal (WSJ) reported, “When the stock price goes down, so does Bitcoin.”
