Bitcoin prices have recovered to around 28 million won.

As of 6:42 a.m. on the 19th, Bitcoin was trading at 28.614 million won on Upbit, a domestic virtual asset exchange, up 4.03% from the previous day. This is the highest level in about a month since the 14th of last month.

At the same time, Ethereum, the second-largest cryptocurrency market capitalization, is being traded at 1.95 million won. It rose 11.12 percent from the previous day.

CNBC analyzed that the rise in cryptocurrency prices was attributed to the rebound in European and Asian stock markets. Until now, the virtual currency market has shown a synchronization phenomenon that moves with the stock market.

Some in the industry say that the cryptocurrency market has passed the worst crisis. David Moreno, a research analyst at market analyst Cryptocompare, explained, “The worst of market transmission is now over, and most of the inevitable asset sales seem to have passed.”

◆ Bithumb Economic Research Institute “Bitcoin will prepare for a rise at the end of the year.”

Bitcoin prices are expected to bottom out and rebound at the end of this year.

Bithumb Economic Research Institute of the cryptocurrency exchange Bithumb analyzed in a report titled “The Relationship between Concerns about Economic Recession and Bitcoin Price” published on the 18th, saying, “As the end of the year goes by, expectations for the end of the U.S. Federal Reserve’s base rate hike are growing.”

“Historically, when the short- and long-term interest rate difference reversed in the U.S., the rate hike ended within six months,” the report said. “On average, it turned into a rate cut cycle eight months after the last rate hike.”

By the first quarter of next year, expectations have been formed that the Fed’s key rate hike will be below 0.25 percentage points, and Bitcoin prices will enter a bottom-up section in the second half of this year, the report predicted.

By writer

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