[Bitcoin Now] Nasdaq Falls 3.9%... 'Greed' to 'Neutral'

[Asia Economy Reporter Lee Jung-yoon] Bitcoin prices plunged as the Nasdaq index, showing synchronization, closed down nearly 2%.

According to the global virtual asset market relay site CoinMarketCap, as of 9:02 a.m. on the 31st, the price of Bitcoin was recorded at $22,844 (approximately 28.16 million KRW), down 3.88% from the previous day.

[Image source=Reuters·Yonhap News]

Bitcoin prices are declining as the U.S. stock market closed down across the board. The tech-heavy Nasdaq index closed at 11,393.81, down 227.90 points (1.96%). The Dow Jones Industrial Average fell 260.99 points (0.77%) to 33,717.09, and the large-cap S&P 500 index ended trading at 4,017.77, down 52.79 points (1.30%).

The market expects the Federal Reserve (Fed) to narrow the rate hike to 0.25 percentage points at the Federal Open Market Committee (FOMC) meeting scheduled for the 1st of next month. Nevertheless, concerns remain about Fed Chair Jerome Powell possibly maintaining a hawkish stance, and caution is also being exercised ahead of major corporate earnings announcements.

As coin prices plunged, investor sentiment also deteriorated. According to the virtual asset data provider Alternative, the Fear & Greed Index, which expresses investor sentiment as an index, dropped 10 points from 61 (Greed) the previous day to 51 (Neutral) on the same day. Due to the rise in Bitcoin prices, Alternative's Fear & Greed Index means that a score closer to 0 indicates extreme fear and pessimism about investing, while a score near 100 indicates optimism.

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