[Bitcoin Now] Tightening Concerns Push Price to $19,000 Range... 'Merge' Ethereum Down 2.87%

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Lee Jung-yoon] Bitcoin prices are hovering in the $19,000 range.

According to the global cryptocurrency market tracking site CoinMarketCap, as of 3:02 PM on the 17th, Bitcoin was priced at $19,862 (approximately 27.61 million KRW), up 0.27% from the previous day.

Bitcoin prices had reached the $20,000 range the day before but fell back to the $19,000 range due to tightening concerns. On the same day, the U.S. stock market, showing a synchronized movement, closed lower, causing Bitcoin to fluctuate between the $19,800 and $19,400 ranges.

On the 16th (local time), the tech-heavy Nasdaq index closed at 11,448.40, down 103.95 points (0.90%). The Dow Jones Industrial Average fell 139.40 points (0.45%) to 30,822.42, and the large-cap S&P 500 index ended at 3,873.33, down 28.02 points (0.72%). Inflation and high-intensity tightening concerns, coupled with warnings from FedEx, dampened investor sentiment. FedEx’s quarterly earnings fell short of market expectations. FedEx withdrew its annual earnings forecast and announced plans to implement cost-cutting measures in response to a decline in global shipping volumes.

At the same time, despite the successful Merge upgrade, Ethereum’s price dropped 2.87% from the previous day to $1,433 (approximately 1.99 million KRW). The decline is attributed to tightening concerns and the disappearance of speculative buying.

Earlier, on the 15th, Ethereum founder Vitalik Buterin tweeted, "We have completed the Merge," adding, "This is a significant moment for the Ethereum ecosystem." The Merge upgrade involves transitioning the Ethereum blockchain algorithm from the existing Proof of Work (PoW) method to Proof of Stake (PoS). Proof of Work means participating in the blockchain through computer processing power and receiving coins as rewards, while Proof of Stake means staking held cryptocurrency on the blockchain to participate in validation and creation in exchange for coins. The Merge upgrade is expected to partially resolve carbon emission issues.

Meanwhile, according to cryptocurrency data provider Alternative, the Fear & Greed Index, which measures investor sentiment, rose by 2 points from the previous day to 22 points (extreme fear). Alternative’s Fear & Greed Index ranges from 0, indicating extreme fear and pessimism about investing, to 100, indicating optimism.

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