[Bitcoin Now] Investor Sentiment Turns to 'Fear' Amid Ukraine War Crisis... 50 Million Won Collapse

[Image source=Yonhap News]

[Asia Economy Reporter Lee Jung-yoon] As fears of the Russia-Ukraine war grow, the price of Bitcoin, the representative cryptocurrency, has fallen to the 49 million KRW range after 15 days. It is the first time in 15 days since it recovered to 50 million KRW on the 3rd.

According to the domestic cryptocurrency exchange Upbit, as of 10 a.m. on the 18th, the price of Bitcoin is trading at 49.64 million KRW. Compared to the price of 53.49 million KRW around 10 a.m. the previous day, this is a drop of about 7.19% (3.85 million KRW).

The Bitcoin price appears to have plunged due to fears of war occurring between Russia and Ukraine. The Ukrainian government forces and pro-Russian rebels have exchanged shelling and engaged in battles in the Donbas region of eastern Ukraine, increasing geopolitical risks.

The Nasdaq index, centered on technology stocks that have recently shown synchronization with Bitcoin prices, also declined. On the 17th (local time), the Nasdaq index fell by 407.38 points (2.88%) to 13,716.72.

On the same day, Dunamu, the operator of Upbit, recorded a digital asset fear and greed index of 38.89, remaining at the 'Fear' stage as on the previous day. Compared to the figure of 43.62 (Neutral) a week ago, it dropped by 4.73. Dunamu's digital asset fear and greed index is divided into stages of 'Extreme Fear (0?20)', 'Fear (20?40)', 'Neutral (40?60)', 'Greed (60?80)', and 'Extreme Greed (80?100)'. The greed direction indicates increased interest in buying by market participants, whereas moving toward fear indicates a fear of asset decline, leading to market exits and a chain reaction of price drops.

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