Over 57,000 yen in the US cryptocurrency exchange
Market cap exceeded $1 trillion… ‘Alternative investment vehicle’
Mobius “Bitcoin, Close to Nasdaq”
The image of non-coin, a cryptocurrency. EPA Yonhap News
The price of bitcoin, the leader of cryptocurrency (virtual currency), is approaching an all-time high. It also surpassed 57,000 dollars each.
According to Coinbase, an American cryptocurrency exchange, the bitcoin price was traded at $57,422.14 on the 10th at 2:20 pm (4:20 am on the 11th KST). Compared to 24 hours ago, it was up 5.97%. Bitcoin’s market cap has already exceeded $1 trillion the day before.
Accordingly, optimism is spreading that the price ($58,367.00) will be re-breaked on the 21st of last month, which was the record high in the near future.
The analysis that the price of bitcoin is jumping day after day is because cryptocurrency is emerging as an alternative investment vehicle. There is a view that cryptocurrency will become an alternative investment in a situation where the $1.9 trillion worth of stimulus plans to be implemented in the United States in the near future are expected to boost inflation.
Some analysts say that the successful bid for tens of billions of dollars in US Treasury bonds for two consecutive days revived investment sentiment for risky assets such as Bitcoin.
As a result of the U.S. Treasury’s issuance of 3-year Treasury bonds (worth US$58 billion) on the 9th, the average bid rate was 2.69 times higher than expected, and the 10-year Treasury Bonds (worth US$38 billion) bid on the same day ended successfully. The bid rate for 10-year government bonds was 2.38 times, close to the average of the previous year (2.42 times). Accordingly, the US 10-year Treasury bond yield was 1.53% per year on the same day, down 0.03 percentage points from the previous day.
It was also pointed out that Bitcoin is in sync with Nasdaq as its share of the global asset market increases.
Mark Mobius Partner, founder of Mobius Capital Partners, said on the day that “the bitcoin price and (Nasdaq’s) technology stocks have a very close correlation. If the bitcoin price falls, it could cause a profound blow to the technology stocks.” Warned.
Mobius Partner, who is known for investing in emerging markets, served as Chairman of Templeton’s Emerging Markets Group.
New York = Correspondent Jae-Gil Cho [email protected]
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