Bitcoin crossed 50 million won again. Despite the passage of the European Union’s (EU) virtual asset regulation and the US Federal Reserve’s interest rate hike, it has made good progress. In addition, Ethereum also rose by more than double digits compared to the previous week due to the rise of Bitcoin.
On the other hand, Ripple’s price fell despite positive news about the lawsuit.
Bitcoin to break through 50 million won again despite regulation and interest rate hike
According to Upbit, a virtual asset exchange, as of 9 am on the 19th, bitcoin was traded at 50.86 million won, up 5.45% from the same time last week. On the 14th, the EU’s virtual asset regulation was passed by the EU Parliament’s ECON Committee. However, it is known that the Proof-of-Work (PoW) ban has been excluded from the virtual asset regulation plan, MiCA. As a result, virtual assets, which were expected to plummet due to the passage of Mika, rose slightly.
However, after the war between Ukraine and Russia and the imminent Fed rate hike, Bitcoin began to decline. At one time, the price of Bitcoin was pushed back to the 47 million won level.
On the 16th (local time), the Federal Open Market Committee (FOMC) announced that the Fed would raise its benchmark interest rate by 0.25 percentage points to 0.25% to 0.50%. This is in line with market expectations. The Fed said in a FOMC statement that continued rate hikes were appropriate. The dot chart released by the FOMC predicts up to seven rate hikes in 2022.
However, the price of Bitcoin rose and broke through 50 million won again. Coinbase has analyzed that the resilience of Bitcoin will increase when the plan for an interest rate hike becomes clearer.
In addition, on the 17th (local time), US analyst Michael van der Pope said, “Bitcoin rose to $41,500 (about 50.12 million won) as the Fed raised interest rates by 25 basis points. After breaking through 42,000 (about 50.72 million won) To target $46,000 (about 55.55 million won), the key is to maintain support around $39,600 (about 47.82 million won),” he said. He added, “Bitcoin has been in the $33,000-46,000 range this year, and it’s important to get out of that range.”
Ether rises by double digits, ripple falls
As Bitcoin continues to rise, Ethereum and Ripple are divided. Ethereum was traded at 3,576,000 won per unit, up 12.1% from the same time last week. Among the major virtual assets, the growth rate was the highest. This appears to have been influenced by the Bitcoin rebound and the successful transition of the Ethereum testnet Clun to a proof-of-stake (PoS) protocol.
According to foreign media on the 15th, the Ethereum testnet kiln was successfully converted to a PoS protocol. Ethereum core developer Tim Beiko said, “Validators are currently creating blocks after the merger (Etherium 1.0 – Ethereum 2.0). These blocks are performing transactions, and the network is also stable. More than two-thirds The validators are confirming the transaction accurately.”
On the other hand, Ripple traded at 970 per unit, down 3.48% from the same time last week. Ripple, which broke through 1,000 won last week, fell back to 900 won. In the lawsuit between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), there are rumors that Ripple Labs has an advantage, but Ripple seems to be struggling.
According to foreign media on the 15th (local time), Ripple Labs CEO Brad Garlinghouse said in an interview that he was “very glad” that the court recently dismissed the SEC’s attempt to attack the SEC’s fair notice defense logic. . He emphasized that the court’s decision was “a great victory.”
In addition, according to foreign media on the 17th (local time), Monica Long of RippleX, a subsidiary of Ripple Labs in the financing and development field, announced that it will launch a developer support program that supports a total of 1 billion Ripple to developers of distributed ledger-based projects. Ripple explained that the program will support developers for the next 10 to 20 years. Despite this favorable news, the price of Ripple remained flat.
In addition, ‘Clay’, a virtual asset issued by Ground X, a Kakao affiliate, was traded at 1343 won per piece, down 1.17% from the same time last week. On the other hand, the virtual asset ‘Link’ issued by Line, an affiliate of Naver, was traded at $129 per piece, up 6.61% from the same time last week. No noteworthy news has been reported for either virtual asset.
Reporter Lee Seong-woo voiceactor@techm.kr
