[Bitcoin Now] Risk Asset Sentiment Recovers on Amazon's Strong Earnings... Surpasses 50 Million Won

[Image source=Yonhap News]

[Asia Economy Reporter Lee Jung-yoon] The price of Bitcoin, the leading cryptocurrency, surpassed 50 million KRW as the US e-commerce company Amazon announced strong earnings.

According to the domestic cryptocurrency exchange Upbit, Bitcoin was recorded at 50.63 million KRW as of 12:40 PM on the 5th. Compared to around 46 million KRW at 6 PM the previous day, this represents an increase of about 10%. Bitcoin had recorded 50.33 million KRW on the 19th of last month, then dropped to 44.25 million KRW, but has since gradually rebounded.

Trading volume also rose alongside the price. According to the cryptocurrency market data site CoinMarketCap, as of 12:18 PM on the same day, Bitcoin’s trading volume was approximately 37 trillion KRW, an increase of 59.98% compared to the previous day.

Bloomberg reported that the improved confidence in tech stocks due to Amazon’s strong earnings influenced the cryptocurrency market. Amazon’s Q4 earnings announced on the 3rd (local time) showed revenue of $137.4 billion (about 164.9 trillion KRW), up 9% year-over-year, and net profit nearly doubled from $7.2 billion to $14.3 billion (about 17.2 trillion KRW). Due to these strong results, Amazon’s stock price surged 13.54% compared to the previous close.

It is analyzed that the “Amazon effect” led to a rebound in the US stock market centered on tech stocks, reviving risk asset appetite and driving the upward trend in Bitcoin prices.

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