Bitcoin Falls to 60 Million KRW Range... Quiet Cryptocurrency Market

Dunamu Fear and Greed Index Remains at Neutral Stage

[Image source=Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The leading cryptocurrency Bitcoin slightly dropped to the 60 million KRW range. The cryptocurrency market, which seemed to have ridden the Santa rally, has calmed down again. The Santa rally refers to the phenomenon where asset values rebound as investor sentiment recovers around Christmas.

According to the domestic cryptocurrency exchange Upbit, as of 6:58 PM on the 26th, Bitcoin recorded 60.88 million KRW, down 0.48% from the previous day. Bitcoin had rebounded to 62.5 million KRW the day before but is now on a downward trend again. At 12:48 PM on the same day, it even dropped to 60.4 million KRW.

Most altcoins also slightly declined. At the same time, Near Protocol recorded 17,850 KRW, down 3.25% from the previous day. Other altcoins such as Crypto.com Chain, Bora, Aave, and Augur fell by 3.21%, 2.75%, 2.75%, and 2.64%, respectively, compared to the previous day.

The rebound the day before led to analysis that the cryptocurrency market had joined the Santa rally. Despite no significant positive news such as the U.S. Securities and Exchange Commission (SEC) rejecting the listing of a Bitcoin spot Exchange-Traded Fund (ETF), prices rose. On the 23rd (local time), cryptocurrency specialized media CoinDesk analyzed, “Although cryptocurrency trading volume was low ahead of Christmas, altcoins showed strong movements along with Bitcoin.”

Although there was a rebound, investor sentiment did not overheat. The fear and greed index of Dunamu, the operator of Upbit, was 47.46 the day before, remaining at a ‘neutral’ level. Neutral is the stage between fear and greed, indicating that investor sentiment is not overheated, and investors neither expect a significant drop nor sell off heavily. Numerically, a value between 40 and 60 is considered neutral. On the same day, Dunamu’s fear and greed index was 47.30, also remaining neutral.

This content was produced with the assistance of AI translation services.