Increased volatility after tweeting’Price seems high’… 58,000 dollars → 47,000 dollars
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(Los Angeles = Yonhap News) Correspondent Jeong Yoon-seop = The bitcoin market is rocking after Elon Musk, CEO of Tesla, an electric car maker in the United States, said the price of bitcoin seems to be high.
On the 22nd (local time) on the 22nd (local time), the US economic media CNBC broadcast cited the data from CoinMatrix, a cryptocurrency data provider, and the price per bitcoin once fell below $50,000 (55.6 million won) and $47,700 ( It reported that it had plunged to 53 million won).
The broadcast said, “After Musk said that the bitcoin price looked high, the bitcoin price slipped and stopped.”
Musk on Twitter on the 20th refuted Euro Pacific Capital CEO Peter Sipper’s opinion that gold investments are better than Bitcoin, but said that the cryptocurrency Bitcoin and Ethereum “looks like the price is high”.
Bloomberg News said, “Bitcoin once plunged 17% compared to the day before and then reduced the decline to 8%.”
Bitcoin is trading at $52,000 (57 million won) each, which is down 8% compared to 24 hours ago, and Ethereum is trading at $1700 (1.89 million won), which is less than 12%.
According to CoinDesk, a cryptocurrency site, bitcoin peaked at $58,000 (64 million won) per piece on the 21st after Musk’s remarks, but showed great volatility, turning downward on the 22nd.
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In response, Bloomberg said, “Bitcoin prices have risen by nearly 50% as Musk embraced cryptocurrency earlier this month, but Musk is coldly and (again) damaging its largest digital asset (Bitcoin).”
Musk publicly announced that he was a “Bitcoin supporter” on the 2nd, and Tesla started the rally by revealing the purchase of $1.5 billion worth of Bitcoin on the 8th.
“Whatever Musk does, it will dominate the news flow,” said Edward Moa, chief analyst of US foreign exchange broker Oanda.
An analysis was also raised that Musk’s remarks that the price of bitcoin seems to be high had an effect on investors of cryptocurrency institutions who resumed trading on the day.
Bloomberg news agency said, “Musk said on Saturday (20th)’Bitcoin price seems to be high’. Unlike individual investors, institutional investors following normal business hours responded to Musk’s tweet on Monday (22nd), and the price went down. There is a possibility that it has declined.
Apart from Musk’s remarks, there were warnings that the price volatility would increase despite the small news as bitcoin liquidity is limited.
In an investment memo, JPMorgan Chase strategist Nicolaos Panageasoglu pointed out that “the liquidity of digital coins is lower than the S&P 500 index or gold, so it can have a big impact on the price of a small flow chart.” “Investors should be prepared for bitcoin volatility, such as sharp price fluctuations,” he advised.
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2021/02/23 04:18 sent