Bitcoin (BTC) has dipped below the 100 million KRW (about 75,000 USD) mark for the first time in 15 months.
At 12:22 a.m. Friday in Seoul, Bitcoin on Upbit fell to 99,999,000 won (approximately $75,000), down 7.29% from 9 a.m. the previous day.
This is the first time Bitcoin has traded below 75,000 USD since November 6, 2024, the day before Donald Trump’s election as U.S. President.
Following Trump’s confirmed victory on November 7, 2024, Bitcoin prices surged and maintained levels above 75 million USD. Even during a market correction last April, it held steady around 110 million KRW (approximately 82.5 million USD).
The recent Bitcoin price slump is attributed to several factors: regulatory uncertainty stemming from delays in the U.S. Virtual Asset Market Structure Bill (Clarity Act), the artificial intelligence (AI) boom, and capital flight toward rallying gold prices.
Institutional investors appear to be steadily withdrawing funds. U.S. Bitcoin spot exchange-traded funds (ETFs), which are heavily favored by institutional investors, have experienced net outflows almost daily since January 20, with only two days as exceptions.
The downward trend isn’t limited to Bitcoin; all major cryptocurrencies are feeling the pinch. Ethereum (ETH) also slipped below the 3 million KRW (approximately 2,250 USD) threshold on Korean exchanges today.