Sending time2021-02-23 04:18
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Increased volatility after tweeting’Price seems high’… 58,000 dollars → 47,000 dollars
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(Los Angeles = Yonhap News) Correspondent Jung Yoon-seop = The bitcoin market is rocking after Elon Musk, the 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), the US economic media CNBC broadcast cited the data from the cryptocurrency data provider CoinMatrix, 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 price of bitcoin seems to be high, the price of bitcoin 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 reported that “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 down more than 12%.
According to CoinDesk, a site specializing in cryptocurrency, bitcoin peaked at $58,000 (64 million won) per piece on the 21st after Musk’s remarks, but showed great volatility, turning down on the 22nd.
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In response, Bloomberg said, “As Musk embraced cryptocurrency earlier this month, the price of bitcoin rose by nearly 50%, but Musk was cold 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 has also been raised that Musk’s remarks that the price of bitcoin seems to be high affected investors of cryptocurrency institutions who resumed trading on the day.
Bloomberg said, “Musk said on Saturday (20th)’Bitcoin prices seem 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,” he analyzed.
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 Nikolaos Panageasoglu pointed out that “the liquidity of digital coins is lower than that of 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
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