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- Currently, Bitcoin prices are showing an upward trend after Trump was elected as the President in the U.S. election.
- Experts believe that expectations for rate cuts are having a positive impact on the rise in Bitcoin prices.
- Bitcoin could potentially reach 100,000 KRW by the end of the year, and some experts predict it could go up to 125,000 KRW.
- The article was summarized using an artificial intelligence-based language model.
- Due to the nature of the technology, key content in the text may be excluded or different from the facts.
Bitcoin Price A to Z
First time surpassing 90,000 KRW
Powell "No need for rate cuts" remarks
Market "Only a short-term adjustment"
Some "Could reach 100,000 KRW within the year"
After Donald Trump was elected as the President in the U.S. election, the price of Bitcoin, which had been on a downward trend, is now rising. Jerome Powell, the Chairman of the U.S. Federal Reserve (Fed), stated that "there is no need for rate cuts," which acted as a negative factor.
Before the election, Bitcoin, which had been fluctuating around 70,000 KRW, surpassed 90,000 KRW for the first time on the 13th in Korean time. On the 14th, it even reached up to 93,000 KRW at one point, raising expectations for a rise to 100,000 KRW within the year.
This upward trend is analyzed as being influenced by the election of Trump, who promised a pro-Bitcoin policy. The expectation that Trump would deregulate virtual assets in the U.S. also contributed. Previously, Trump had expressed his intention to make all Bitcoins tradable in the U.S. by recognizing them as national strategic assets. He also appointed Elon Musk, known as a supporter of Bitcoin and Dogecoin, as the CEO of the newly established 'Government Efficiency Committee (DOGE)'.
The atmosphere changed on the 14th when Powell attended a Fed event in Texas and said, "There is no indication that the U.S. economy needs rate cuts," which was contrary to some expectations. At that time, the market expected the Fed to cut rates in December following a base rate cut in November. This led to a surge in Bitcoin prices. CoinDesk, a cryptocurrency media outlet, commented that "Powell's remarks have dampened expectations for rate cuts" and predicted that "the idea of a rate cut in December may not be as certain as thought." Bitcoin prices fell to 87,000 KRW as of the afternoon of the 15th in Korean time.
However, there are many predictions in the market that "even if Bitcoin undergoes a short-term adjustment, it will continue to rise until the end of the year." Jeff Kendrick, an analyst at Standard Chartered Bank, said, "Bitcoin could rise to 100,000 KRW by the end of the year, and there is a possibility of reaching up to 125,000 KRW."
