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[이데일리 김보겸 기자] Bitcoin, which was doing well, plunged last night. It also hit the highest price every day, and it seems that the price burden caused by a short-term surge was also a factor. However, it rebounded immediately after the plunge and recovered the 32,000 dollar level.
According to Coinbase, the largest cryptocurrency exchange in the United States, bitcoin was traded at around $27,600 (about 30 million won) around 7 pm on the 4th of Korea time. It is nearly 10% less than 24 hours ago. In Bithumb, the representative virtual asset exchange in Korea, bitcoin was traded at around 33 million won. However, as of 10 am on the 5th, Bitcoin is trading at around 35 million won, down 1.39% from 24 hours ago.
In the market, the price burden caused by a short-term surge and the movement to realize profits from the continued rally are considered as backgrounds. Daniel Moss, an analyst at Daily FX, a financial market analyst, said, “Bitcoin prices are expected to rise right in the long term, but the surge is relatively excessive, so in the short term it may be at risk of recovery.”
Amid skepticism about the recent surge in bitcoin, the bullish theory remains. Nicholas Pelecanos, head of transaction at blockchain company NEM, predicts that bitcoins will exceed the $50,000 mark by Valentine’s Day next month.
Schol Minerd Guggenheim Investment’s Chief Investment Officer (CIO) said, “There is a limit to the supply of bitcoin, but the US central bank is releasing huge amounts of money.”
It is observed that the continued weakening of the dollar and demand for online commerce will also drive the further rise of virtual currency. Jack Doshi, Twitter CEO, billionaire hedge fund manager Paul Tudor Jones, and even cryptocurrency skeptics “hedge fund tycoon” Ray Dalio are also jumping into bitcoin.
Bitcoin has run horribly from the beginning of the new year. On the 3rd, it soared to the record high of $34,000. It is an analysis that the expectation that it will be used as a means of actual value storage has worked, dispelling the image of a speculative object with only bubbles. The news that PayPal, the world’s largest online payment platform, will launch a cryptocurrency payment service from this year accelerated the rise.
However, future prospects are mixed. The behavior of the US Biden administration is a variable. Former Federal Reserve Chairman Janet Yellen, a representative “cryptocurrency hardliner,” is expected to serve as finance minister in the next administration. ‘Doctor Doom’ Professor Nouriel Rubini of New York University also warned that bitcoin is not a stable means of storing value, and that “the bubble will eventually go out.”