Bitcoin fluctuates overnight… Once plunged by 7%

Input 2021.02.23 08:09

The cryptocurrency bitcoin shook dramatically overnight.

According to the cryptocurrency exchange Upbit on the 23rd, as of 8:05 am on the day, bitcoin fell 5.24% from the previous day to 61.99 million won.

Bitcoin dropped more than 7% compared to the day before 0:16 on this day, breaking the 60 million won line, but it seems to have partially made up for the decline. The low price on this day is 56562,000 won.

In Upbit, another cryptocurrency, Ethereum, once fell by over 7%. Ethereum, which fell below the 2 million won line, is trading at the early 2 million won level.

On another exchange, Bithumb, bitcoin once fell to 58.8 million won and is currently trading at around 61.9 million won. Cryptocurrencies are traded on an exchange basis, so even the same type of cryptocurrency has a slightly different transaction price for each exchange.

Meanwhile, U.S. Treasury Secretary Janet Yellen criticized Bitcoin by defining it as a speculative asset. He said on the 22nd (local time) at a’Dealbook Conference’ hosted by The New York Times (NYT), “I don’t think Bitcoin will be widely used as a trading mechanism.”

“I am concerned that it is often used for illegal finance. Bitcoin is an extremely inefficient means to conduct a transaction, and the amount of energy consumed in the transaction process is unbelievable.”

“I think people should know that Bitcoin is a very speculative asset and extremely volatile,” he said.