Five out of 10 digital coins active in Korea fall by over 50% in past month

2021.06.09 15:46:04

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Five out of 10 digital coins active in South Korea have plunged more than 50 percent to underscore scare among novice crypto investors of a market crash in taper tantrum.

According to Upbit, Korea’s largest cryptocurrency exchange, on Wednesday, the price of all 117 virtual assets except for one listed on the won-denominated exchange fell as of 5 p.m. on Tuesday from a month ago.

Quantum showed the biggest price decline of 67.95 percent during the cited period, with 13 others falling by more than 60 percent – Ontology 66.92 percent, RiskCoin 64.5 percent, Swipe 64.31 percent, Icon 64.2 percent, and Bitcoin Gold 62.33 percent.

Data showed that the price of 54 coins, or 46 percent of the total, fell by over 50 percent over the past month.

The price of two majors bitcoin and dogecoin had once surged after support remarks by Tesla CEO and billionaire Elon Musk but they each fell 46.51 percent and 46.37 percent.

The only coin that saw price go up over the past month was Theta Fuel, which jumped 29.47 percent.

Compared to three months ago, 64 of 113 coins saw price go down, with Nem falling 73.77 percent, Alpha Quark Token 60.62 percent, and Loom Network 53.15 percent. Of the remaining coins, 48 coins saw price surge while one remained unchanged.

Concerns are rising that the price of virtual currencies may fall further on possible monetary policy tightening by U.S. to combat inflation. The surge in virtual asset prices was led by abundant liquidity in the market, experts said.

The U.S. CNBC reported on Monday that the U.S. Fed is “in early stages of a campaign to prepare markets for tapering is asset purchases.” The Bank of Korea has also hinted at an interest rate hike last month.

By Pulse

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