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Bitcoin shows a 2% decline and is trading at $ 57,000



On the penultimate day of the working week, Bitcoin shows a 2% decline and is trading at $ 57,000. The crypto market yesterday scared the community a lot, reminding investors of the times when the altcoin season gave way to a sharp sell-off, to which Bitcoin itself joined, becoming a flammable mixture for panic. Nevertheless, this time everything ended well, and the benchmark cryptocurrency stopped the decline already on the way to $ 55,600. At about the same moment, altcoins stopped falling, bitcoin was able to develop a rebound, and if often altcoins could not boast of the same, then this time everything is different. Ethereum, the leading altcoin, briefly plunged to $ 1,900, but now it is again above $ 2K, although it shows a decrease of more than 3.5% per day. Other TOP-10 altcoins also rallied after the correction, confirming the presence of unrealized demand in the market. The star of the latest episode of the altcoin rally was the XRP token. As negative prospects drew the coin in recent months after the start of the lawsuit with the SEC, the rebound of the token has become just as widespread after the news that Ripple lawyers are still achieving success in the confrontation with the SEC. Lawyers secured the right to gain access to SEC documents, in which BTC and ETH were identified as “assets”. The XRP token also came under the pressure of correction, losing 5% per day, but it is close to $ 1, which was very difficult to imagine in the recent past. The total capitalization of the crypto market due to yesterday’s correction dropped to $ 1.9 trillion. Nevertheless, given the scale of the growth, the size of the decline can be considered quite insignificant. The last episode of price fluctuations could also be influenced by the “Kimchi premium”. South Korea and Asia as a whole are distinguished by a rather bright propensity for excitement and technological innovation, so you can often see a significant premium on the purchase of Bitcoin there. The scale turned out to be such that the regulator had to intervene to cool the situation. As a result, the sale began, and the premium on buying Bitcoin dropped to 11.5%. Thus, not only residents of Africa or Venezuela, where there is no stable currency and understanding of what is happening in the economy, in principle, but also technologically developed countries that stood at the origins of the crypto boom, are ready to pay significantly more for Bitcoin. However, the “Kimchi premium” is an unstable indicator, as no one paid attention to it when 3 months ago Bitcoin was worth less in Korea than in the world. ______________ Alexander Kuptsikevich, Lead Analyst, FxPro

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