![[서울신문] Did Yellen fuel the Bitcoin crash? More than 20% decline in 2 weeks](https://img.seoul.co.kr/img/upload/2021/01/07/SSI_20210107110121.jpg "[서울신문] Did Yellen fuel the Bitcoin crash? More than 20% decline in 2 weeks")
▲ Bitcoin. Seoul Newspaper DB
As the bitcoin price fell by more than 12% in one day, a warning light on the investment was lit. Joe Biden crashed when former Fed Chairman Janet Yellen, who was appointed Treasury Secretary of the U.S. administration, evaluated bitcoin negatively.
According to the virtual asset exchange Upbit on the 22nd, the bitcoin price, which was 39.32 million won on the 21st, is trading at 3551 million won as of 4 pm on the 21st, down 12% from the previous day.
Bitcoin price recorded 48.55 million won on the 8th and has been falling since the reported price was recorded. Based on the price of the day, it has fallen by more than 27% in two weeks.
There is an analysis that the price of bitcoin declined due to the recent sharp rise in the price, which put a psychological burden on it, and that price adjustments are being made. In addition, some point out that the candidate for finance minister Yellen fueled the price decline.
Xinhua Yonhap News” style=”padding:0px;margin:0px”>
▲ Appointed Finance Minister Janet Yellen.
Shinhwa Yonhap News
Candidate Yellen said, “I think a lot of cryptocurrencies are mainly used for illegal finance” when asked about the dangers of terrorists using cryptocurrency at a US Senate approval hearing on the 19th (local time). “It is necessary to consider ways to reduce such use and prevent money laundering.”
It was pointed out that in order for Bitcoin to become an investment asset, the participation of institutional investors, which is a long-term fund, is necessary. Lim Byeong-hyo, a researcher at Korea Investment & Securities, said, “Even though high interest in bitcoin has been solved, it is limited to high risk individuals and some hedge funds.” “There are some hurdles to overcome in order to consider investing in bitcoin (institutional investors),” he said. “If an asset whose value is difficult to measure due to the burden of volatility is also very volatile, the difficulty in management is doubled.”
Reporter Kim Jin-ah [email protected]