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February 22nd Crypto Market Update

[Bitcoin Rise]

Bitcoin is trading at KRW 63.45 million at 9:02 a.m. on the 22nd, up 3.16% from the previous day. The total market capitalization of cryptocurrency on this day is KRW 1928 trillion, of which Bitcoin's share is 61.4%.

Coin Telegraph, a cryptocurrency media outlet, said, "On the 19th, Bitcoin surpassed $1 trillion in market capitalization and became the sixth largest asset by market capitalization," adding, "The US Securities and Exchange Commission could ease concerns over liquidity manipulation. "Coin Telegraph added, "Bitcoin is continuously improving its fundamental factors, but in the short term, the yield on U.S. government bonds may rise sharply, causing some (price) fluctuations."

As the first Bitcoin Listed Index Fund (ETF) in North America successfully debuted in Toronto, Canada on the 18th, it was recognized as an investment asset in the mainstream system. As high-tech companies such as Tesla and financial institutions such as PayPal and New York Melon Bank also join the cryptocurrency business, bitcoin's status as a payment method is expected to increase.

In order to overcome the COVID crisis last year, the U.S. central bank and others greatly increased the issuance of currency, bringing liquidity into the cryptocurrency market. This year, additional fiscal spending to revive the economy is inevitable, and investors who feared a fall in dollar value and inflation will buy bitcoin rather than gold as a risk defense measure, analysts say.

In fact, bitcoin prices rose from USD 4,900 per unit in March last year when the pandemic began to USD 10,000 in June and surpassed USD 40,000 in December. International gold prices, on the other hand, hit a record high of USD 2050 per troy ounce in August last year, and have gradually lost strength, pushing it back to the USD 1,770 mark. Jeffrey Gundlak, CEO of Double Line Capital, who has long advocated gold strength, wrote on Twitter, "Bitcoin can now be a better bet than gold."

[Expert Opinion]

Bitcoin has successfully reached USD 58,000 as previously analyzed.  If it doesn't exceed USD 57,500 again in the short term, there is a possibility of a downward revision. In this case, the price could fall back to the USD 54,000 support line, and if the decline continues, the USD 50,000 level could be threatened. Even if it is adjusted, it is expected that Altcoin will continue to rise, and the market will continue to grow.

Disclaimer: This feed is written only with the purpose of conveying more information and do not contain the opinion of KOK PLAY. We do not guarantee or make any promise about the completeness of these content as a whole or in part. Please check the related content by yourself.

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