[Bitcoin Now] 'Relief Rally' After Giant Step... Recovering to 30 Million Won

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Myunghwan Lee] Bitcoin prices continue their upward trend from the previous day. The perception that uncertainty has been resolved following the U.S. Federal Reserve's (Fed) 'giant step' of raising the benchmark interest rate by 0.75 percentage points at once appears to have restored investor sentiment. The Nasdaq index, which is centered on U.S. tech stocks, rising for two consecutive trading days also had an impact.

According to the global cryptocurrency market tracking site CoinMarketCap as of 10:53 a.m. on the 29th, Bitcoin was priced at $23,775 (approximately 30.86 million KRW), up 4.41% from the previous day, breaking the 30 million KRW mark in Korean won terms. Bitcoin prices briefly exceeded $24,000 in the morning.

The relief rally that began with the Fed's giant step decision the previous day appears to be continuing. Prior to the Federal Open Market Committee (FOMC) meeting, Bitcoin prices had fallen below the $21,000 level due to investors' cautious sentiment.

The rise in the U.S. Nasdaq index also seems to have had a positive effect. On the 28th (local time), the Nasdaq index, focused on tech stocks, closed at 12,162.59, up 1.08% (130.17 points) from the previous trading day. The Dow Jones Industrial Average rose 1.03% (332.04 points) to 32,529.63, and the Standard & Poor's (S&P) 500 index closed at 4,072.43, up 1.21% (48.82 points).

Experts predict that the rise in Bitcoin prices could become even more significant. Edward Moya, Senior Market Analyst at global investment firm OANDA, said, "Bitcoin's upward momentum slowed briefly around the $24,000 level," adding, "If the resistance to the rise stops, the price could extend its gains up to $27,500."

Meanwhile, the Digital Asset Fear & Greed Index by Dunamu, the operator of the domestic cryptocurrency exchange Upbit, recorded a 'Greed' level of 66.02 on the day. This is a decrease of 2.89 from the previous day's 68.92 (Greed). 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 among 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.