newsdirectory3

Did you get a discount on Bitcoin as well… The price is picking up one side of the line, Hyun-Woo Lim’s Bitcoin Now

CNBC “Official entry into a bear market” Cointelegraph “Low buy opportunity”
El Salvador’s President: “I bought 100 more at a lower price”

Can this price be recovered again? This is a view of the market price at the Bithumb office, a cryptocurrency exchange, on the 9th, when Bitcoin hit an all-time high. Hankyung DB

▶ Receive ‘Koala’, a cryptocurrency investment newsletter issued by the Korea Economic Daily, 5 times a week, every morning!
Request a free subscription hankyung.com/newsletter

Did you get a discount on Bitcoin because it was 'Bluff'?  The price is dropping, picking up one line [임현우의 비트코인 나우]


“I love this Black Friday sale! When I wake up, it’s like the déjà vu of that day a year ago when Bitcoin was down 10%.”

Mark Yusko, CEO of Morgan Creek Capital, an American asset management company, said in an interview with CNBC on the 26th (local time). “Bitcoin users, wallets, and transaction volume are increasing significantly, making the network more robust,” he said.

On Black Friday, America’s biggest shopping festival, the cryptocurrency market was weak. Bitcoin price plummeted by more than 5%, and the top altcoins by market capitalization such as Ethereum, Solana, Ada, Ripple, Polkadot, and Dogecoin fell further.

As Yusko said, is now the ‘time to buy’? Diagnosis of foreign media is mixed. CNBC reported that “Bitcoin is officially entering a bear market.” Bitcoin slipped 20% from its all-time high of $69,000 earlier this month, which is consistent with the general definition of a bear market.

On the other hand, Cointelegraph, a cryptocurrency media outlet, described the current price as “an opportunity for a golden entry”, although “Bitcoin price fell due to a sell-off triggered by a weakening of the US dollar and macro markets due to the COVID-19 mutation.”

President of El Salvador, Nayib Bukele, speaks at the closing ceremony of the Latin Bitcoin conference (LaBitConf) at Mizata Beach, El Salvador, on November 20, 2021. AFP연합뉴스

President of El Salvador, Nayib Bukele, speaks at the closing ceremony of the Latin Bitcoin conference (LaBitConf) at Mizata Beach, El Salvador, on November 20, 2021. AFP연합뉴스

El Salvador, the first country in the world to adopt Bitcoin as a fiat currency, appears to have taken advantage of the ‘blue bull market’ to buy more Bitcoin. El Salvador’s President, Nayb Bukele, tweeted on the same day that “El Salvador has acquired 100 more bitcoins at a discount.” He also added an ’emoticon of joy’ wearing a cone hat and blowing a trumpet.

However, warnings of further declines in the short term are not uncommon. This Black Friday was a ‘Black Friday’ for the global financial markets. The New York stock market in the US fell the most this year, and the major European stock markets that closed earlier also fell almost at the level. The decline in the crude oil futures market was much steeper, and the price of gold, a traditional safe-haven asset, showed an upward trend.

At this time, the cryptocurrency critics become more and more energetic. Nassim Nicholas Taleb, a professor at New York University who is famous as the author of ‘Black Swan’, said on the same day, “After this morning, if you still think that Bitcoin is a hedge or a decentralized investment, stay away from finance and do less harmful things like collecting stamps and raising birds. You have to have a hobby.”

On the 26th (local time), the Dow Jones Industrial Average closed at 34,899.34, down 2.53% (905.04 points) from the previous trading day. At one point during the day, it was pushed by more than 1,000 points, but it was the result of a slight decrease in the fall. The S&P 500 fell 2.27%, or 106.84 points, at 4594.62, and the tech stock-focused Nasdaq fell 2.23%, or 353.57 points, to close at 15,491.66, respectively.

photo = REUTERS

photo = REUTERS

The Wall Street Journal said that the daily declines in these three major indexes were the largest on Black Friday since 1950, when statistics can be traced. The Chicago Board Options Exchange (CBOE) Volatility Index (VIX), also known as Wall Street’s ‘fear index’, surged 47% on the day.

The CAC 40 index of the Paris stock market fell 4.75 percent, the DAX 30 index of the Frankfurt stock market fell 4.15 percent, and the FTSE 100 index of the London stock market fell 3.64 percent.

Yuya Hasegawa, a researcher at Bitbank, said, “The spread of new mutations can dampen cryptocurrency investment sentiment.

Even in the domestic cryptocurrency industry, there are several officials who say, “It is a time when short-term volatility of Bitcoin has increased, so it is a time when you can take a big bite if you approach it with a single hit.”

The domestic price of Bitcoin collapsed below the 70 million won level in 17 days after hitting an all-time high of 82 million won. As of 5 pm on the 27th (Korean time), Bitcoin was traded at 69 million won on major exchanges such as Upbit, Bithumb, Coinone, and Korbit. According to Coinglass analysis, over $700 million worth of positions were liquidated in 24 hours in the global cryptocurrency futures market.

Reporter Im Hyun-woo tardis@hankyung.com

Comments

Leave a Reply

Your email address will not be published.

Trending