June 29 Cryptocurrency Market Update

6월 29일 암호화폐 시장 분석

[Bitcoin Rise]

On the domestic exchange Upbit, Bitcoin traded at 40.9 million won, up 0.34% from the previous day after it was traded at 37 million won just 8 days ago on the 21st.

According to CoinMarketCap, Bitcoin prices are forming a box pattern at $34,494 per unit as of 8 p.m. on the 28th (local time).

The price of Bitcoin rose slightly after being stagnant due to a series of unfavorable factors such as the regulations from China. This is believed to have been influenced by a tweet by Mexican businessman Ricardo Salinas Pliego, founder of the Salinas Group that owns banks, financial services, and retail companies. The tweet read, "I and my bank are trying to become the first banks to receive Bitcoin in Mexico[...] Don't buy it now and sell it."

However, after Salinas' tweet, Mexico's central bank issued a statement announcing that cryptocurrency is not legal currency and stressed that the policies that financial institutions are not authorized to carry out and provide public projects with virtual assets such as Bitcoin and Ethereum will not change anytime soon.

According to Reuters, the British government has virtually suspended the operation of Binance, one of the world's largest cryptocurrency exchanges. The Financial Conduct Supervisory Service (FCA) ordered Binance Market, a British subsidiary of Binance, on the 25th (local time) that no regulated activity should be carried out in the UK without prior written consent from the FCA.

In response, Barron’s released an article titled “Don’t Believe the Bitcoin Bounce. The U.K.’s Binance Restrictions Are Bad News for Cryptocurrencies.”

[New York Stock Exchange]

Strong tech shares put both the Nasdaq and the S&P 500 at record highs, but the Dow closed lower.

The Dow Jones 30 industrial average closed at 34,283.27, down 150.57 points (0.44%) on the 28th (local time). The S&P 500 index rose 9.91 points (0.23%) to 4290.61, while the tech-heavy Nasdaq index rose 140.12 points (0.98%) to 14,500.51. Both indexes hit all-time highs with the S&P 500 hitting a record high for three consecutive trading days.

[Expert Opinion]

Robert Toru Kiyosaki, author and economist of the best-selling book "Rich Dad, Poor Dad” warned through Twitter on the 28th (local time) that “The best time to prepare for a crash is before the crash. The biggest crash in world history is coming. The good news is the best time to get rich is during a crash. Bad news is the next crash will be a long one. Get more gold, silver, and Bitcoin while you can.”

Kiyosaki previously tweeted on the 19th (local time) that the “Biggest bubble in world history [is] getting bigger. Biggest crash in world history coming. Buying more gold and silver. Waiting for Bitcoin to drop to $24 k. Crashes [are the] best time to get rich.” 

Additionally, Guggenheim Partners CIO Scott Minerd told CNBC in a recent interview that the prospect that Bitcoin will rise to $600,000 in the long run is valid but investors need to prepare for further declines before Bitcoin rises again.

According to The Daily Hodl, Minerd claimed, “Every major run-up in Bitcoin, there has been about an 80% crash. Now, that would make a lot of sense in a lot of ways because that would bring us back into the neighborhood of $15,000. I’ve been saying between $20,000 and $30,000. The real bottom when you look at the technicals is $10,000, and you know that’s sort of extreme – I would say $15,000. If it got to 20,000, I wouldn’t be in a hurry to buy it because when markets like this wash out, usually it takes a couple of years of consolidation.”

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