[Bitcoin Now] Rising on Strong Big Tech Earnings... Approaching $40,000 Range

[Image source=Yonhap News]

[Asia Economy Reporter Lee Jung-yoon] Supported by strong earnings from US big tech companies, the price of the leading cryptocurrency Bitcoin showed an upward trend.

According to the global cryptocurrency market tracking site CoinMarketCap, as of 9:38 AM on the 29th, the price of Bitcoin was $39,750 (approximately 50.49 million KRW), up 1.42% compared to the previous day.

The Bitcoin price rose as the US stock market climbed due to strong quarterly earnings from big tech companies. On the 28th (local time), the Nasdaq index, centered on technology stocks, closed at 12,871.53, up 382.60 points (3.06%). The Dow Jones Industrial Average closed at 33,916.39, up 614.46 points (1.85%) from the previous session, and the S&P 500 index, focused on large-cap stocks, ended trading at 4,287.50, up 103.54 points (2.47%). Meta Platforms, the parent company of Facebook, rose 17.59% compared to the previous session on news that its quarterly net profit exceeded expectations. Qualcomm also rose more than 9% thanks to strong earnings.

Bloomberg reported, "After volatile price fluctuations, strong earnings from US companies have emboldened investors, pushing Bitcoin prices back into the $40,000 range."

There was also analysis that the increase in countries accepting cryptocurrencies led to the price rise. The Central African Republic, the second country worldwide, adopted Bitcoin as legal tender, and the Central Bank of Cuba announced plans to issue licenses to cryptocurrency operators.

Additionally, Goldman Sachs launched a lending service that provides cash loans secured by Bitcoin. A Goldman Sachs spokesperson said, "We have recently expanded lending institutions secured by Bitcoin," adding, "The interesting point is that risk management must be conducted 24 hours a day, seven days a week, 365 days a year."

Meanwhile, the Digital Asset Fear & Greed Index by Dunamu, which operates the domestic cryptocurrency exchange Upbit, recorded 47.96 on the day, indicating a 'neutral' stage. This is a 0.28 increase compared to 47.69 (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.