[Bitcoin Now] Consolidating Around 57 Million KRW to End the Year... Improving Investor Sentiment

MicroStrategy Purchases Additional 1,914 Bitcoins

[Image source=Yonhap News]

[Asia Economy Reporter Gong Byung-sun] As 2021 comes to a close, the leading cryptocurrency Bitcoin is hovering around the 57 million KRW mark. Although recent sluggishness has somewhat weakened investor sentiment in cryptocurrencies, the trend is showing signs of improvement.

According to the domestic cryptocurrency exchange Upbit, as of 11:18 AM on the 31st, Bitcoin recorded 57.14 million KRW, down 0.10% from the previous day. After a slight rebound from the 56 million KRW range to the 57 million KRW range the day before, there has been little fluctuation.

Other altcoins are also trading sideways. At the same time, Cosmos showed the largest increase at 4.45%. This was followed by Golem at 3.65%, Augur at 2.26%, Bora at 1.79%, and Stratis at 1.47%. Last month, NFT-related altcoins surged more than 40% in a single day, but there has been little movement since the end of the year. Polkadot, Lisk, ICON, and Theta Token fell 3.29%, 2.92%, 2.91%, and 2.56% respectively compared to the previous day.

However, investor sentiment appears to be recovering. According to Dunamu, the operator of Upbit, the Digital Asset Fear & Greed Index stood at 43.02, indicating a neutral stage. Neutral means a middle ground between fear and greed, where investor sentiment is neither overheated nor are investors selling off to avoid losses.

After Christmas, Bitcoin showed weakness, which weakened investor sentiment. When Bitcoin dropped 5.26% on the 28th, Dunamu’s Digital Asset Fear & Greed Index also fell. On the 29th, Dunamu’s Fear & Greed Index entered the fear stage at 39.24, indicating that investors saw a higher possibility of a decline.

Meanwhile, MicroStrategy, the private company holding the largest amount of Bitcoin, made additional purchases. On the 29th (local time), Michael Saylor, CEO of MicroStrategy, tweeted, “We purchased an additional 1,914 Bitcoins at an average price of $49,299 (approximately 58.59 million KRW). As of the 29th, we hold 124,391 Bitcoins.” The average purchase price of all Bitcoins held by MicroStrategy is $30,159, and as of that day, the return on investment is about 59%.

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