[Bitcoin Now] Stagnant at $19,000... Investor Sentiment Remains Unresolved

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Myung-hwan Lee] The leading cryptocurrency Bitcoin is showing a box range movement around the $19,000 level.

According to the global cryptocurrency market tracking site CoinMarketCap, as of 10:35 AM on the 21st, Bitcoin's price was recorded at $19,036 (approximately 27.34 million KRW), up 0.05% from the previous day.

Bitcoin's price shows little fluctuation despite the decline in the Nasdaq index of the U.S. stock market, which tends to move in sync. On the 20th (local time), the Nasdaq index, focused on technology stocks, closed at 10,614.84, down 0.61% (65.66 points) from the previous trading day in the New York stock market. The Dow Jones Industrial Average fell 0.30% (90.22 points) to 30,333.59, and the S&P 500 index dropped 0.80% (29.38 points) to 3,665.78.

The U.S. stock market was held back despite companies like IBM and AT&T reporting earnings that exceeded expectations, as Treasury yields surged to record highs. On that day, the 10-year U.S. Treasury yield rose to 4.23% intraday, marking the highest level since July 2008. The 2-year Treasury yield also climbed to 4.62%, the highest since August 2007.

As the financial market has recently shown weakness, Bitcoin investment sentiment appears to have weakened. Cryptocurrency specialized media CoinDesk evaluated, "At least one technical indicator suggests that Bitcoin's price may be undervalued, but due to the still unfavorable macroeconomic environment, investors may not want to jump in immediately."

Cryptocurrency investment sentiment remains frozen and shows little sign of thawing. According to cryptocurrency data provider Alternative, the Fear & Greed Index, which expresses investment sentiment as an index, remained at 23 points (extreme fear) on the day, the same as the previous day. The index has stayed at 23 points for three consecutive days since the 19th. Over the past month, the Fear & Greed Index has also hovered in the low 20s. Alternative's Fear & Greed Index means that the closer to 0 points, the more pessimistic and fearful investors are, while approaching 100 points indicates optimism.

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