2024-03-09 00:33:45
On the 7th, the Bitcoin price was displayed at the Bithumb customer center in Seocho-gu, Seoul. /yunhap news
Bitcoin, the number one cryptocurrency market capitalization, exceeded $70,000 per piece for the first time on the 8th (local time). The price of gold, a representative safe asset, also continued its record high, breaking through $2,200 per ounce at one point on this day.
◇Bitcoin and gold prices break through the ceiling
According to Coinbase, an American virtual currency exchange, the price of each Bitcoin rose to $70,199 on this day. It has been three days since breaking the $69,000 mark on the 5th, breaking the all-time high in November 2021.
Bitcoin, which was trading at $67,000 on this day, suddenly surged to $70,000 due to an influx of buying power. Afterwards, it fell once more and is currently trading at around $68,000.
The market believes that the effects of the U.S. Securities and Exchange Commission (SEC)’s approval of the Bitcoin spot exchange-traded fund (ETF) in January are taking effect. In addition, the approaching halving, in which the supply of Bitcoin is reduced by half, is also a factor driving up the price.
There are also warnings that Bitcoin, which is hitting record highs every day, is a ‘bubble’. JP Morgan said in a recent report that the price of Bitcoin might adjust to $42,000 if Bitcoin mining rewards decrease and production costs increase.
On this day, in Korean won, Bitcoin is moving around 96 million won on the domestic exchange Upbit. The ‘kimchi premium’, which represents the price difference from the global market, is around 4%. This means that the Korean won Bitcoin is more expensive.
On the 8th, at the New York Mercantile Exchange, the gold futures price for delivery in April of this year ended trading at $2,185.5 per ounce, up 0.94% from the previous day. International gold prices have risen for seven consecutive trading days and are at an all-time high. At one point during the day, it hit $2,203, surpassing $2,100 and breaking the record once once more.
◇Nvidia plunges 5%
Jensen Huang, CEO of NVIDIA. / Reuters
While the price of gold and Bitcoin were soaring, the New York stock market showed a downward trend on this day due to the sharp decline of Nvidia, the king of artificial intelligence (AI). On the New York Stock Exchange (NYSE), the Dow Jones Industrial Average closed at 38,722.6, down 0.18%, the Standard & Poor’s (S&P) 500 Index closed at 5,123.6, down 0.65%, and the Nasdaq Index closed at 16,085.1, down 1.16%.
On this day, Nvidia soared to $974, up regarding 5% at the beginning of the trading day, but soon began to decline and ended the trading day with a plunge of more than 5%. It is the largest decline in nine months since May 31 of last year.
Semiconductors that have recently soared include Intel (-4.66%), Broadcom (-6.99%), AMD (-1.89%), Micron Technology (-1.37%), Arm Holdings (-6.65%), and Marvell Technology (-11.36%). All stocks also closed sharply.
“(Nvidia’s decline) doesn’t mean that its long-term upside potential is over,” said Sam Stovall, chief investment strategist at CFRA Research. He said.
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