[Bitcoin Now] Investor Sentiment 'Fades'... Stable Around 48 Million Won

[Image source=Yonhap News]

[Asia Economy Reporter Lee Jung-yoon] On the 11th, the price of the representative cryptocurrency Bitcoin remained steady in the 48 million KRW range.

According to the domestic cryptocurrency exchange Upbit, as of 4:30 PM on the day, the price of Bitcoin recorded 48.72 million KRW, up 0.84% (406,000 KRW) from the previous day. The aggregated price on the global cryptocurrency market tracking site CoinMarketCap showed a 0.11% increase from the previous day to $39,133 (approximately 48.41 million KRW).

The Bitcoin price has maintained the 48 million KRW level since the previous day. This followed a sharp drop of over 5% the day before, right after the U.S. February Consumer Price Index (CPI) surged 7.9% year-on-year, marking the largest increase since January 1982, and then recovered to remain steady.

Trading volume showed a declining trend. According to CoinMarketCap, the 24-hour Bitcoin trading volume was $23,711,572,949 (approximately 29.3312 trillion KRW), down 15.62% compared to the previous day.

Meanwhile, as of 4:25 PM on the day, the Digital Asset Fear & Greed Index operated by Dunamu, the operator of Upbit, recorded 42.83, indicating a 'neutral' stage. This is an increase of 2.49 from 40.33 (neutral) 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 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.