[속보] Bitcoin rises reversal and collapses escape, Biden’s stimulus package New York Stock Market Dow index gift

Bitcoin, which had fallen sharply for a while, turned upward.

According to the New York Stock Exchange and Bithumb Exchange on the 11th, the cryptocurrency bitcoin market price as of this time is passing 38,457,000 won each. It is up 1.94% from the previous day.

With President-elect Biden’s announcement of stimulus, the Dow Index futures are also on the rise in the New York Stock Exchange.

Cryptocurrency real-time price/Bitsum Exchange
Bitcoin BTC/KRW BITCOIN Bitcoin KRW 38,457,000 +731,000 KRW (+1.94 %) ≈ 1,114,855,411,024 KRW 691 trillion 849.3 billion

Ethereum ETH/KRW ETHEREUM Ethereum KRW 1,171,000 + KRW 3,000 (+0.26 %) ≈ KRW 697,472,604,265 KRW 129,173 billion

Ripple XRP/KRW RIPPLE Ripple 319.4 KRW +7.1 KRW (+2.27 %) ≈ 219,775,717,334 KRW 14 trillion 1203 billion

Bitcoin Cash BCH/KRW BITCOINCASH Bitcoin Cash KRW 514,000 -25,500 KRW (-4.73%) ≈ KRW 219,575,192,300 KRW 9,171.3 billion

Litecoin LTC/KRW LITECOIN Litecoin 148,800 KRW -2,800 KRW (-1.85%) ≈ 103,659,376,662 KRW 9,497.8 billion

EOS EOS/KRW EOS EOS 2,915 KRW -20 KRW (-0.68 %) ≈ 100,283,335,490 KRW 2,6691 billion

On this day, the New York Stock Market fell due to uncertainties in the US government and concerns about regulations on technology companies. On the New York Stock Exchange (NYSE), the Dow Jones 30 Industrial Average fell 89.28 points (0.29%) to 31,008.69. The Standard & Poor’s (S&P) 500 index fell 25.07 points (0.66%) to 3,799.61, while the tech stock Nasdaq index fell 165.54 points (1.25%) to 13,036.43.

Joe Biden’s next administration’s massive fiscal stimulus is a variable. U.S. President-elect Biden announced on the 14th that he will outline a stimulus package of “trillions of dollars”. Nevertheless, the level burden has also increased due to the recent share price surge. It is also burdensome to raise government bond yields and confusion between US politicians.

The Democratic Party has initiated a bill of impeachment proceedings against President Trump. The state House of Representatives is expected to enforce a vote on the impeachment bill.

It is also predicted that the congressional occupation of President Trump’s supporters last week could trigger tightening of regulations on large tech companies. President Trump has been criticized for encouraging extremist action by his supporters through tweets. Twitter has taken steps, such as permanently suspending President Trump’s account, but concerns are raised that if the Democratic government is launched, it will rush to regulate social network service (SNS) companies. Perhaps because of that, Twitter’s share price slipped more than 6.4%. Facebook shares also plunged by 4%.

The steady rise in US Treasury yields and rising above the 1.1% level is also a factor that makes investors somewhat anxious. Inside the Fed, there are steadily mentions that tightening, such as tapering, could begin as early as the end of this year. Conference Board announced in December last year that the US Employment Trend Index (ETI) reached 99.01. On the Chicago Options Exchange (CBOE), the volatility index (VIX) rose 11.69% to 24.08.

Bitcoin once plunged. The price of bitcoins has dropped to $3,525.39 each. Bitcoin price soared to $41,528.79 two days before. In two days, it plunged over 10,000 dollars and 10 million won in Korean money.

It is observed that the sudden adjustment of bitcoin is the aftereffect of releasing’everything’ money. After last year’s pandemic, the US Treasury and the Federal Reserve (Fed) actively encouraged the financial market to favor risky investment, but recently, concerns over inflation boomerangs are growing on Wall Street. The 10-year U.S. Treasury bond rate has now risen to 1.136%. Accordingly, the dollar index, which represents the value of the dollar against the currencies of six major countries, has risen to 90.46 on this day. The environment in which the sentiment of investing in risky assets can weaken is being created little by little.

As the bitcoin price showed a sudden collapse, skepticism about the bitcoin investment grew. “Current bitcoin prices are bubbly,” said Jeffrey Gundlock, CEO of Doubleline Capital, at CNBC. Bill Miller, a famous investor, predicted that “the bitcoin supply is growing below 2% per year, but demand is growing much faster.”

On this day, the Dow index fell -0.29%, the S&P 500 index -0.66%, and the Nasdaq index fell -1.25% on the New York stock market.

Daeho Kim, Director of Global Economic Research Institute [email protected]