How Far Will Cryptocurrency Fall?

Informing about the cruptocurrency depreciation

Managing Editor Lee Se-mok

churrasco23@naver.com

With the development of the internet, cryptocurrencies such as 'Bitcoin'and 'Luna' are increasing. These cryptocurrencies are easy for anyone to access, and many people are attracted to them . Moreover, unlike stocks they rise and decrease widely, so many in the MZ generation have been attracted to them recently. The wider the breadth the easier it is to make a handful of money, but on the other hand, you can lose it all at once. Because of this phenomenon more young people are willing to invest in cryprocurrency. However, many cryptocurrency markets have plummeted and the value of cryptocurrencies is falling these days.

‘Bitcoin' is one of the most popular and representative cryptocurrencies which people know. Many people, regardless of age, came into Bitcoin through curiosity or recommendation from a friend or family. However, recently, as the value of cryptocurrencies such as Bitcoin continues to fall many companies are stopping deposit withdrawals and suspending related businesses to it. Representatively 'Bold' a Singapore cryptocurrency lender has suspended all withdrawals and transaction deposits on the platform and applied for a deferment of debt payments. Not only 'Bold' but also other cryptocurrency markets raised their white flag to signal the collapse in the value of cryptocurrencies, causing many investors to tremble with anxiety. Moreover, the situation worsened as the domestic cryptocurrencies 'Terra'and 'Luna' collapsed. These two cryptocurrencies are less known compared to Bitcoin, but the collapse of these broke the credibility of the overall market. As a result, more people are willing to sell their cryptocurrencies. The value of virtual currencies moves according to how much people want it. But from the point when the value continues to fall more people sell more easily and the situation becomes worse. As the businesses that were managing cryptocurrencies continued to apply a strike, investors were frightened of whether they could properly exchange their cryptocurrency and the currency market panicked.

Due to the collapse of the domestic cryptocurrency, investors reported the founder of ‘Luna' and ’Terra' to the authorities. Through this, the prosecution service searched the cryptocurrency exchanges in July. A total of 15 places, including seven virtual currency exchanges such as 'Upbit' and 'Bithumb', were seized and investigated.