[Bitcoin Now] Surges Over 4% on Nasdaq Rally... Breaks $20,000 for the First Time in 3 Weeks

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Lee Myunghwan] The price of the representative cryptocurrency Bitcoin rebounded, rising to the $20,000 level for the first time in about three weeks. This is attributed to the Nasdaq index in the U.S., which showed a synchronized rise of more than 2%, following strong third-quarter earnings reports from major American companies.

According to the global cryptocurrency market tracking site CoinMarketCap, as of 11:05 a.m. on the 26th, the price of Bitcoin was recorded at $20,215 (approximately 28.9 million KRW), up 4.71% from the previous day.

The Bitcoin price appears to be influenced by the significant rise in the Nasdaq index of the U.S. stock market. On the 25th (local time), the Nasdaq index, which is technology stock-centered, closed at 11,199.12, up 2.25% (246.50 points) from the previous trading day on the New York Stock Exchange. The Dow Jones Industrial Average rose 1.07% (337.12 points) to 31,836.74, and the S&P 500 index increased 1.63% (61.77 points) to 3,859.11.

The U.S. stock market, entering the third-quarter earnings season, is showing an upward trend due to earnings reports from major companies exceeding expectations. General Motors (GM) and Coca-Cola reported net profits surpassing forecasts. Earnings from companies such as UPS, JetBlue, and 3M also exceeded market expectations. The sharp decline in U.S. Treasury yields ahead of the Federal Reserve's scheduled interest rate decision next week also contributed to the rise in stock indices.

The Bitcoin price seems to have stopped its box-range movement over the past month and started to rebound. Riyad Carey, a researcher at cryptocurrency data firm Kaiko, diagnosed that "amid limited volatility over the past month, activity is regaining momentum."

Cryptocurrency investor sentiment is also rapidly easing. According to cryptocurrency data provider Alternative, the Fear & Greed Index, which measures investor sentiment, rose 13 points from 20 (extreme fear) the previous day to 33 (fear) on this day. Alternative's Fear & Greed Index ranges from 0 points, indicating extreme fear and pessimism about investment, to 100 points, indicating optimism.

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