[Bitcoin Now] Recovering to $21,000 Range on US Stock Market Rally... Up 11% in a Week

[Image source=Yonhap News]

[Asia Economy Reporter Lee Jung-yoon] As the US stock market rises, the price of the representative cryptocurrency Bitcoin is also showing an upward trend. It has risen more than 11% in a week and is moving in the $21,000 range.

According to the global cryptocurrency market status relay site CoinMarketCap, as of 11:07 a.m. on the 10th, the price of Bitcoin was recorded at $21,448 (about 27.88 million KRW), up 0.13% from the previous day.

The price of Bitcoin rose 11.74% over the week. The recent upward trend of the US Nasdaq index, which is centered on tech stocks showing synchronization phenomena, drove the rise. The Nasdaq index rose 1.75% on the 5th (local time), 0.35% on the 6th, 2.28% on the 7th, and 0.12% on the 8th. During this period, the price of Bitcoin showed an upward trend from the $19,400 range and on the 8th and 9th, it temporarily surpassed the $22,000 level. However, it then declined and is maintaining the $21,000 range.

As the price of Bitcoin rides the favorable wind blowing from the US stock market and shows an upward trend, some say that the cryptocurrency market has overcome a major crisis. Felix Hartmann, managing partner of digital asset investment company Hartmann Capital, argued that many cryptocurrency companies’ bankruptcy situations are now over and that "the bankruptcy filing of Three Arrows Capital was a kind of last pin." Earlier, on the 27th of last month, cryptocurrency investment hedge fund Three Arrows Capital (3AC) was declared bankrupt by the court of the British Virgin Islands due to default on cryptocurrency debts. However, there are still claims that the rise in Bitcoin price is a short-term rally.

Meanwhile, the digital asset Fear & Greed Index of Dunamu, which operates the domestic cryptocurrency exchange Upbit, recorded 38.22 on the day, indicating a 'Fear' stage. This is 10.75 points higher than 27.47 (Fear) on the 3rd of this month, a week ago. 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 means that market participants’ interest in buying has increased, while moving toward fear means escaping the market due to fear of asset decline, causing a chain reaction of price drops.

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