[Bitcoin Now] Signs of Prolonged Ukraine War Trigger 'Weakness'

[Image source=Yonhap News]

[Asia Economy Reporter Lee Jung-yoon] As the war between Russia and Ukraine shows signs of prolonged conflict, the price of the representative cryptocurrency Bitcoin has declined.

According to the cryptocurrency exchange Upbit on the 7th, as of 11:20 AM, the price of Bitcoin was traded at 47.7 million KRW, down 0.09% (43,000 KRW) from the previous day. At the same time, the aggregated price on the global cryptocurrency market tracking site CoinMarketCap was $38,382 (approximately 47.06 million KRW), down 2.64% compared to the previous day.

The price of Bitcoin has been weak continuously since Russia's invasion of Ukraine. In particular, on the 6th (local time), Russian President Vladimir Putin reportedly told French President Emmanuel Macron during a phone call that "whether through negotiations or war, we will achieve our objectives in Ukraine by any means necessary," raising concerns about a prolonged conflict.

In fact, Russian forces have taken control of the Zaporizhzhia nuclear power plant in Ukraine, the largest in Europe, escalating fears of war day by day.

As concerns about the prolonged war grow, investment sentiment toward cryptocurrencies is further shrinking. As of 11:35 AM, the Digital Asset Fear & Greed Index operated by Dunamu, the operator of Upbit, recorded 36.16, indicating a 'Fear' stage. Compared to 36.38 (Fear) the previous day, it fell by 0.21, and compared to 56.96 (Neutral) a week ago, it dropped by 20.8. 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, causing market exits and a chain reaction of price drops.

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