[Bitcoin Now] Surges Over 5% Amid US Stock Market Rally... Investor Sentiment Recovers

[Image source=Yonhap News]

[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 10:14 a.m. on the 8th, the price of Bitcoin was recorded at $21,684 (approximately 28.09 million KRW), up 5.48% from the previous day.

The price of Bitcoin surged as the U.S. stock market showed an upward trend. Bloomberg reported, "Bitcoin surpassed $21,000 for the first time in July as stock prices rose." On the 7th (local time), the Dow Jones Industrial Average closed at 31,384.55, up 346.87 points (1.12%) from the previous session, the S&P 500 index, centered on large-cap stocks, closed at 3,902.62, up 57.54 points (1.50%), and the tech-heavy Nasdaq index closed at 11,621.35, up 259.49 points (2.28%). The semiconductor sector, energy sector driven by a surge in international oil prices, and expectations for the electric vehicle industry led related stocks to show strength, which drove the rise in the U.S. stock market.

Additionally, news that the cryptocurrency-backed lending company Celsius repaid its debt also seemed to have an impact. According to cryptocurrency specialized media CoinDesk, Celsius repaid its debt to MakerDAO and recovered 21,962 wrapped Bitcoins (wBTC) that had been posted as collateral. Earlier last month, Celsius had announced a temporary suspension of customer asset withdrawals due to a bank run.

Meanwhile, the Digital Asset Fear & Greed Index by Dunamu, which operates the domestic cryptocurrency exchange Upbit, recorded 40.90 on the day, indicating a 'neutral' stage. This is an increase of 18.29 compared to 22.61 (fear) on the 1st of this month, a week earlier. 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.