[Bitcoin Now] US Stock Market Rises, Bitcoin Up 3%... Recovers to $21,000 Range

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[Asia Economy Reporter Lee Jung-yoon] As the U.S. stock market closed higher, the price of the leading cryptocurrency Bitcoin is also showing an upward trend.

According to the global cryptocurrency market tracking site CoinMarketCap, as of 10:37 a.m. on the 24th, the price of Bitcoin was recorded at $21,023 (approximately 27.34 million KRW), up 3.12% from the previous day.

Bitcoin prices are rising following the U.S. stock market's gains. On the 23rd (local time), the Nasdaq Composite Index, which is tech-stock focused, closed at 11,232.19, up 179.11 points (1.62%). The Dow Jones Industrial Average rose 194.23 points (0.64%) to 30,677.36, and the large-cap S&P 500 Index closed at 3,795.73, up 35.84 points (0.95%).

Cryptocurrency specialized media CoinDesk reported that Federal Reserve Chairman Jerome Powell's acknowledgment that the Fed's monetary policy could lead to a recession helped calm a market demanding clarity. Earlier, on the 22nd, Powell appeared before the U.S. Senate Banking Committee and responded "there is a possibility" when asked if rate hikes could lead to a recession, while also confirming that the rate hike path could continue. Additionally, it is analyzed that the international oil prices hitting their lowest since mid-May due to recession concerns and the sharp drop in U.S. Treasury yields also had an impact.

However, despite the rise in Bitcoin prices on this day, some opinions remain pessimistic. Edward Moya, Senior Market Analyst at global investment firm OANDA America, analyzed that Bitcoin is still a risky asset, so the outlook is not bright until the U.S. stock market confirms a bottom.

Meanwhile, according to cryptocurrency data provider Alternative, the Fear & Greed Index, which measures investor sentiment, was recorded at 11 points (extreme fear), the same as the previous day. Alternative's Fear & Greed Index means that the closer the score is to 0, the more pessimistic fear investors feel about investing, and the closer it is to 100, the more optimistic they are.

This content was produced with the assistance of AI translation services.