[Bitcoin Now] Investor Sentiment 'Wavers' at 50 Million Won... Rebound Hopes 'Gently Rise'

[Image source=Yonhap News]

[Asia Economy Reporter Lee Jung-yoon] The price of the representative cryptocurrency Bitcoin is showing a sideways trend in the 50 million KRW range.

According to the domestic cryptocurrency exchange Upbit on the 21st, as of 10:47 a.m., the price of Bitcoin recorded 50.55 million KRW, up 0.16% (83,000 KRW) from the previous day.

The price of Bitcoin showed strength following the U.S. Federal Reserve's interest rate hike last week and the rally effect in the U.S. stock market, but then turned weak. Despite efforts by various countries, including the U.S.-China summit, to ease tensions, the Ukraine crisis has failed to find a breakthrough. On the previous day, U.S. President Joe Biden and Chinese President Xi Jinping exchanged views on the Ukraine situation during a phone call.

However, Russian forces have surrounded the southern Ukrainian port city of Mariupol and issued a final ultimatum, while Ukraine has notified Russia of its refusal to surrender, indicating a prolonged conflict.

Trading volume is decreasing. According to the global cryptocurrency market data relay site CoinMarketCap, the 24-hour Bitcoin trading volume was recorded at $19,790,535,782 (approximately 23.9842 trillion KRW), down 0.55% compared to the previous day.

However, some expect that, similar to the U.S. stock market rebound driven by increased expectations of economic improvement after the U.S. interest rate hike, investor sentiment in the virtual asset market may have recovered. Joe DiPasquale, CEO of BitBull, said, "The support level for Bitcoin price is seen above $40,500," adding, "Since the stock market is showing strength, prices of other cryptocurrencies such as Bitcoin and Ethereum may also show strength."

Meanwhile, as of 10:45 a.m. on the same day, the digital asset Fear and Greed Index operated by Dunamu, the operator of Upbit, recorded 51.3, indicating a 'neutral' stage. This is an increase of 0.51 compared to 50.79 (neutral) the previous day. Dunamu's digital asset Fear and 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.