The price of Bitcoin, the leading cryptocurrency, has been sliding day after day after reaching near its all-time high of $120,000 (approximately 150.8 million won) on the 22nd. It has dropped about 5% from its previous peak.
According to the global cryptocurrency market tracking site CoinMarketCap, as of 10:30 AM on this day, Bitcoin was trading at $105,372 (approximately 144.45 million won), down 2.42% from 24 hours earlier. This is more than 5% lower than the all-time high of $119,900 (approximately 164.45 million won). Bitcoin is threatening to break below the $105,000 level amid continuous decline.
Bitcoin reached its peak again on the 22nd due to the Trump administration's regulatory adjustments in the cryptocurrency market and expanded perception as a safe asset amid US dollar weakness. However, with the appearance of profit-taking sales and expanding concerns about a US economic recession, it has been retreating for a week.
According to the May Federal Open Market Committee (FOMC) meeting minutes released on the 28th, Federal Reserve members are concerned about the potential simultaneous increase in inflation and unemployment risks due to the Trump administration's tariff policies.
As uncertainty surrounding the Trump administration's tariff policies has grown, Bitcoin is experiencing downward pressure. This is influenced by the US Federal Court of Appeals' decision to temporarily restore the Trump administration's cross-tariff measures just a day after they were halted by the lower court.
Cryptocurrency media outlet CoinDesk diagnosed that "investor sentiment may have become unstable as the appellate court ordered the restoration of these tariffs during the government's appeal of the first-instance ruling".
