[Bitcoin Now] US Tech Stocks 'Fluctuate'... 51 Million Won Level Also 'Shaken'

[Asia Economy Reporter Lee Jung-yoon] As concerns over the U.S. Federal Reserve's (Fed) tightening continue and the possibility of Russia invading Ukraine resurfaces, the Nasdaq index, which is centered on technology stocks, has declined, leading the representative cryptocurrency Bitcoin to also show weakness.

According to the domestic cryptocurrency exchange Upbit, as of 2:01 PM on the 12th, the price of Bitcoin was trading at 51.78 million KRW, down 0.19% (99,000 KRW) compared to the previous day.

Bitcoin showed weakness influenced by the decline in the Nasdaq index. Recently, Bitcoin has exhibited a synchronization phenomenon with the Nasdaq index, appearing to be affected by risk asset preference sentiment depending on the fluctuations of technology stocks.

On the 11th (local time), the Nasdaq index closed at 13,791.15, down 394.49 points (2.78%) as concerns over the Fed's tightening persisted. Tesla closed down 4.93%, Meta Platforms (-3.74%), Apple (-2.02%), Nvidia (-7.26%), Amazon.com (-3.59%), and Microsoft (-2.43%) also closed lower one after another.

Furthermore, concerns over Russia's invasion of Ukraine also contributed to the decline in the U.S. stock market, weighing down Bitcoin prices. Jake Sullivan, White House National Security Advisor, urged Americans to evacuate within 48 hours during a briefing, stating, "A Russian invasion of Ukraine could happen at any time." U.S. President Joe Biden ordered the deployment of an additional 3,000 troops to Poland, which borders Ukraine. Governments of South Korea, as well as the United Kingdom, the Netherlands, and Japan, also urged evacuations.

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