[Bitcoin Now] Slight Rise on Possibility of Russia-Ukraine Negotiations

[Image source=Yonhap News]

[Asia Economy Reporter Lee Jung-yoon] As the possibility of dialogue between Russia and Ukraine is anticipated, the price of Bitcoin, the representative cryptocurrency, showed an upward trend.

According to the domestic cryptocurrency exchange Upbit, as of 11:45 a.m. on the 26th, the price of Bitcoin was trading at 48.22 million KRW, up 0.8% (384,000 KRW) from the previous day.

The price of Bitcoin had been declining since Russia launched a full-scale invasion of Ukraine. As of the afternoon of the 24th, it had fallen about 5% from the previous day, recording the 43 million KRW range.

However, on the 25th (local time), news emerged that Russian President Vladimir Putin might send a delegation to Belarus for negotiations with Ukraine, leading to a rise in Bitcoin prices. Ukraine also announced that President Putin and Ukrainian President Volodymyr Zelensky are discussing the time and place for a summit. According to the British daily The Guardian and others, Serhiy Nykyforov, spokesperson for the Ukrainian presidential office, stated on social media that "Ukraine is ready to talk about ceasefire and peace. That is our permanent position."

Following this news, the Nasdaq index, which has shown a correlation with Bitcoin prices this year, also rose. On the 25th (local time), the Nasdaq index closed at 13,694.62, up 221.04 points (1.64%) from the previous session. Tesla rose 1.14% compared to the previous session, while Apple, Nvidia, and Amazon.com increased by 1.30%, 1.72%, and 1.61%, respectively.

Investor sentiment also showed signs of recovery. Around 11:45 a.m. that day, Dunamu, the operator of Upbit, recorded a digital asset fear and greed index of 42.9, indicating a 'neutral' stage. Compared to 38.83 (fear) recorded a week earlier on the 19th, it rose by 4.07. Dunamu's digital asset fear and greed index is divided into '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. Conversely, moving toward fear reflects a fear of asset decline, leading to market exits and a chain reaction of falling Bitcoin prices.

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