[Bitcoin Now] Decline Amid Over 3% Drop in US Nasdaq

[Image source=Yonhap News]

[Asia Economy Reporter Lee Jung-yoon] As the US Nasdaq index, centered on technology stocks, plummeted, the price of the representative cryptocurrency Bitcoin is also showing weakness.

According to the global cryptocurrency market tracking site CoinMarketCap, as of 10:30 AM on the 8th, the price of Bitcoin recorded $38,268 (approximately 47.14 million KRW), down 0.34% from the previous day.

The price of Bitcoin is showing weakness as the US Nasdaq index plunged. Recently, Bitcoin prices have shown a synchronization phenomenon with the Nasdaq index. On the 7th (local time), the Nasdaq index closed down 482.48 points (3.62%) at 12,830.96. The US stock market declined as international oil prices surged due to the possibility of sanctions on Russian crude oil. Bloomberg reported that the Joe Biden administration is considering independently banning imports of Russian crude oil. Although no conclusion has been reached regarding the import ban, it is reported that contacts with allied countries are ongoing regarding the possibility.

Meanwhile, as of 10:43 AM on the same day, the digital asset Fear & Greed Index of Dunamu, the operator of the cryptocurrency exchange Upbit, recorded 37.21, indicating a 'Fear' stage. Compared to 34.81 (Fear) the previous day, it rose by 2.41, but it fell by 23.65 compared to 60.86 (Greed) 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 means that market participants' interest in buying has increased, 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.