[Bitcoin Now] Weakness Amid Escalating Ukraine Crisis... Falls to 45 Million Won Range

[Image source=Yonhap News]

[Asia Economy Reporter Lee Jung-yoon] As the Ukraine crisis intensifies with the possibility of armed conflict, the price of the representative cryptocurrency Bitcoin is trading in the 45 million KRW range.

According to the domestic cryptocurrency exchange Upbit, as of 9:53 AM on the 22nd, the price of Bitcoin is trading at 45.67 million KRW, up 0.49% (224,000 KRW) compared to the previous day.

Bitcoin prices recorded 53 million KRW as recently as the 16th of this month but have been declining continuously due to the Ukraine situation. On the 21st (local time), Russian President Vladimir Putin signed a presidential decree recognizing the self-proclaimed Donetsk People's Republic (DPR) and Luhansk People's Republic (LPR) in eastern Ukraine's Donbas region as independent states, then ordered Russian peacekeeping forces to enter.

In response, the United States announced sanctions against Russia. White House Press Secretary Jen Psaki stated, "President Joe Biden will soon issue an executive order banning new investments, trade, and financial transactions," adding that this is separate from the strong sanctions the U.S. has prepared in response to Russia's invasion.

Cryptocurrency investment sentiment is increasingly shrinking. On this day, the digital asset Fear & Greed Index operated by Dunamu, the operator of Upbit, recorded 30.33, indicating a 'Fear' stage. This is a drop of 21.50 from 51.83 (Neutral) on the 15th of this month, a week ago. Dunamu's digital asset Fear & 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.