[Bitcoin Now] Investor Sentiment Frozen by Ukraine Fear... Trading Volume Plummets 37%

[Image source=Yonhap News]

[Asia Economy Reporter Lee Jung-yoon] As concerns over Russia's invasion of Ukraine continue, the price of the representative cryptocurrency Bitcoin has been declining day by day.

According to the domestic cryptocurrency exchange Upbit, as of 1:25 PM on the 20th, the price of Bitcoin was trading at 48.64 million KRW, down 0.79% (387,000 KRW) compared to the previous day.

The price of Bitcoin continued to fall as the possibility of Russia invading Ukraine increased. On the 19th (local time), the White House announced that President Joe Biden had received reports that Russia could attack Ukraine at any time and convened a National Security Council (NSC) meeting on the 20th to discuss the issue, heightening geopolitical concerns about Ukraine. Earlier, on the 18th, President Biden also stated that he had evidence that Russian President Vladimir Putin had decided to invade.

These concerns have significantly frozen investor sentiment. Dunamu, the operator of Upbit, reported that its Digital Asset Fear & Greed Index stood at 37.78, indicating a 'Fear' stage. Compared to 43.91 (Neutral) on the 13th, a week earlier, it dropped by 6.13 points. Dunamu's Digital Asset Fear & Greed Index is divided into stages: '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 among market participants, whereas moving toward fear reflects a fear of asset decline, causing market exits and a chain reaction of price drops.

Trading volume also plummeted. According to the cryptocurrency market data site CoinMarketCap, as of 1:30 PM on the same day, the 24-hour Bitcoin trading volume was 13.93957 billion USD (16.6648 trillion KRW), down 37.41% compared to the previous day.

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