While cryptocurrencies such as Bitcoin are rising simultaneously on the 18th, Ethereum and Ethereum Classic are soaring. Ethereum is up 10% from the previous day to more than 2 million won, and Ethereum Classic is up 18% to 30,000 won.

a gloomy market outlook
The Terra-Luna crisis is shaking the entire market, and now the aftermath of strong inflation is growing. Uncertainty is growing at a time when the global economy is reeling, with the producer price index (PPI) soaring 1.1 percent in June from the previous month at an unprecedented rate of 9.1 percent in the U.S.

Market conditions are also bad. Core Scientific, the largest bitcoin miner in North America, sold a large amount of Bitcoin last month. Bit Farm, a mining company, also recently sold Bitcoin, which was purchased in January, at almost half price. Concerns are also growing over the default of El Salvador, which uses Bitcoin as its legal currency. Bloomberg even reports that 80% of investors view the bitcoin market price as $10,000 (USD).

3AC (Three Arrow Capital) eventually entered the liquidation process, and it is paying keen attention to whether additional bankruptcies are coming from other loan platforms. Even Open, a global NFT exchange, is announcing a 20 percent cut in staff.

Kim Jae-hak, an analyst at Dain Best Research Institute, said, “The short-term rebound in cryptocurrency has not yet exceeded the level of technical rebound that came after the monthly salary closed in June,” adding, “The market is still volatile because there is no strong rebound movement to convert the decline to the box.”

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