[Today] Bitcoin is tested as the economy hits the bottom
[Today] The benchmark Kospi ended Wednesday up 33.39 points, or 1.76 percent, from the previous day’s close, to 1928.76. Retail investors are taking a break after mass-purchasing local shares for weeks. They net offloaded around 100 million won in Kospi shares after taking in 1.7 trillion won a day earlier, the largest amount they ever purchased since those statistics started to be compiled in 1999. From the mass purchases of foreign investors, the Kosdaq index rose 2.57 percent on Wednesday. Some experts are expecting the economy to revitalize after the United States and European countries to ease their lockdown measures. #Goldman Sachs: 'The global economy has hit the bottom.' Goldman Sachs and Morgan Stanley, two famous investment banks in the United States, reported earlier that the world economy has hit rock bottom. Goldman Sachs said although the economies of advanced countries will fall by around 32 percent on average in the second quarter, they will grow by 10 percent in the third quarter and the fourth quarter. Morgan Stanley said many indicators hinted that the global economy can’t get any worse. Those reports ignited hope for the securities and the cryptocurrency markets. As the risk of economic destruction has come to an end, Bitcoin now has the stage to show its real value. Central banks across the world have poured out money to overcome the crisis. With that progress, the price of Bitcoin, often referred to as gold on the digital sphere, should be on the rise. Bitcoin is now facing a real test. A day earlier on Wednesday, the price of West Texas Intermediate rose around 20 percent. Could this be a chance for retail investors to bet on rising oil prices to gain some profit? It’s not that easy at this point. For Leverage ETN, the price difference still stands at more than 400 percent. Even though the price now is four times higher than original value, retail investors are pouring funds in thinking they can double their investment before exiting. And that may not work. #Cryptocurrency: More searched on Google now Optimism is apparent in the market as the price of Bitcoin surged above $9,000. An analyst at Bloomberg’s research division said Bitcoin will stay strong in May. But some are raising the possibility of fraud in the recent price surge. To gain profit from the expected price surge, investors should stay cautious. The price will stay relevant to the interest, and according to Google Trend, the search number for Bitcoin rose four times from 2016. The market seems to be in good shape. #If the amount of USDT falls, does Bitcoin rise? Maybe it’s already a known fact. It’s just a matter of which comes first. If an exchange buys Bitcoin with Tether (USDT), the price of Bitcoin rises from the fallen amount of USDT. On the other hand, selling Bitcoin means it’s for USDT, so if the amount of USDT rises, it means that Bitcoin was on a high sell, resulting in a lower price. The amount of USDT is falling now, could the price of Bitcoin go up?