[Bitcoin Now] Rising on ETF Launch News... Investor Sentiment Also Up

[Image source=Yonhap News]

[Asia Economy Reporter Lee Jung-yoon] The price of Bitcoin, the leading cryptocurrency, is showing an upward trend following news of the launch of a related exchange-traded fund (ETF).

According to the global cryptocurrency market tracking site CoinMarketCap, as of 11:11 a.m. on the 21st, the price of Bitcoin rose 0.75% from the previous day to $41,696 (approximately 51.5 million KRW).

The price of Bitcoin appears to continue being influenced by the news of the launch of the related ETF. Earlier, Australian asset management firm Cosmos Asset Management announced that it would launch Australia's first Bitcoin spot ETF starting on the 27th. The launch of an ETF can increase investment accessibility and attract large-scale capital inflows. On the previous day, 21Shares and ETF Securities also announced plans to launch Bitcoin and Ethereum spot trading products next week.

However, there are also assessments that no current factors are driving the rise in Bitcoin prices. According to cryptocurrency specialized media CoinDesk, Jason Dean, a Bitcoin researcher at Quantum Economics, stated, "I believe there is currently no catalyst driving the price of Bitcoin up or down," adding, "While some are trying to link Australia's Bitcoin ETF or Commerzbank's cryptocurrency custody application, these are not concrete reasons for movement but rather indicate that the macro background surrounding Bitcoin is steadily improving." He further added, "In the short term, uncertainty remains, and it is likely to stay within a limited range for some time."

Meanwhile, the Digital Asset Fear & Greed Index by Dunamu, the operator of the domestic cryptocurrency exchange Upbit, recorded 49.81 on the day, indicating a 'neutral' stage. Compared to 49.17 (neutral) the previous day, it rose by 0.64. 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)'. A movement toward greed indicates increased interest in buying among market participants, whereas a shift toward fear reflects 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.