[Bitcoin Now] Surges 7% Despite Ukraine Crisis... Trading Volume Also Up 13%

[Image source=Yonhap News]

[Asia Economy Reporter Lee Jung-yoon] The price of Bitcoin, a leading cryptocurrency that had been declining due to the Ukraine crisis, rose by more than 7%.

According to the domestic cryptocurrency exchange Upbit on the 9th, as of 5 p.m. that day, the price of Bitcoin was traded at 51.63 million KRW, up 7.08% (3.42 million KRW) from the previous day. At the same time, the aggregated price on the global cryptocurrency market tracking site CoinMarketCap was recorded at $41,744 (approximately 51.57 million KRW), up 7.96% from the previous day. Bitcoin prices, which had been maintaining the 50 million KRW range, showed a downward trend after Russia invaded Ukraine and fell to the 47 million KRW range the day before.

As the price of Bitcoin rose, trading volume also showed an increasing trend. According to CoinMarketCap, the 24-hour Bitcoin trading volume was $33,662,316,690 (approximately 41.5898 trillion KRW), up 13.18% from the previous day.

The price of Bitcoin has been rising since the release of a statement by U.S. Treasury Secretary Janet Yellen, indicating a constructive approach to digital asset regulation. The statement, which was posted on the U.S. Treasury Department’s website that day, is reported to have been deleted. Previously, concerns were raised that Russia might use cryptocurrencies to evade economic sanctions, and there were expectations that U.S. President Joe Biden would issue an executive order including related regulations this week.

Meanwhile, the digital asset Fear & Greed Index operated by Dunamu, the operator of Upbit, recorded 51.27 on the day, indicating a 'neutral' stage. This is an increase of 11.89 compared to 39.38 (fear) the previous day. 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 among 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.