Bitcoin Falls Below 52 Million Won... Market Cap Drops Under 800 Billion Dollars

Dunamu Fear and Greed Index Remains in the 'Fear' Phase

[Image source=Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The leading cryptocurrency Bitcoin is falling again, dropping below the 52 million KRW mark. Due to the recent decline, the market capitalization has also shrunk to below 800 billion USD (approximately 963.2 trillion KRW). Investor sentiment in cryptocurrencies is also shrinking.

According to the domestic cryptocurrency exchange Upbit, as of 4:36 PM on the 9th, Bitcoin recorded 51.96 million KRW, down 0.34% compared to the previous day. Although it rebounded 1.35% the day before and rose to the 52 million KRW range, it fell below 52 million KRW again within a day.

Bitcoin has been sluggish since the beginning of this year. It rose to 58.3 million KRW on the 2nd but started to decline afterward. On the 7th, it recorded 50.9 million KRW, the lowest price since October last year. This is a 38.45% drop compared to the all-time high of 82.7 million KRW recorded on November 9 last year.

Bitcoin’s market capitalization has also significantly decreased. According to the cryptocurrency market data site CoinMarketCap, as of the 8th (local time), Bitcoin’s market cap was about 789.8 billion USD. It even dropped to about 786.4 billion USD the day before.

Bitcoin’s market cap had surged to 1.2637 trillion USD on the 9th, when it recorded its all-time high. However, as Bitcoin’s performance weakened afterward, the market cap also began to shrink. This is the first time since September 29 last year that Bitcoin’s market cap has fallen below 800 billion USD.

Investor sentiment is also cooling. On this day, Dunamu, the operator of Upbit, recorded a Fear & Greed Index of 39.89, remaining in the ‘Fear’ stage. The Fear stage means that investors expect further declines in cryptocurrencies and may show selling pressure. Since the 5th, Dunamu’s Fear & Greed Index has remained in the Fear stage.

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