[Bitcoin Now] At $21,000 Due to SEC Regulation... From 'Greed' to 'Neutral'
[Asia Economy Reporter Lee Jung-yoon] The price of Bitcoin fell to the $21,000 range as the U.S. Securities and Exchange Commission (SEC) imposed sanctions on Kraken, the world's third-largest cryptocurrency exchange.
According to the global cryptocurrency market tracking site CoinMarketCap, as of 3:21 PM on the 12th, the price of Bitcoin was recorded at $21,818 (approximately 27.72 million KRW), up 0.63% from the previous day.
The price of Bitcoin dropped 6.67% over the past week. Until the 8th, it maintained the $23,000 range due to the synchronized rise in the U.S. stock market and expectations for the Federal Reserve's (Fed) slowing pace of interest rate hikes. However, the SEC's sanctions dealt a heavy blow to the cryptocurrency market. On the 9th, the SEC ordered Kraken to halt its staking service and imposed a $30 million fine, classifying Kraken's staking service as an unregistered security. Staking refers to the process of entrusting cryptocurrency to a blockchain network that uses the Proof of Stake (PoS) method and earning coins as a reward for participating in blockchain operation and verification.
SEC Chairman Gary Gensler explained, "Most companies do not provide customers with information on how they protect the coins entrusted by customers."
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The cryptocurrency investment sentiment, which had recovered to a level of greed, has again fallen to a neutral stage. According to the cryptocurrency data provider Alternative, the Fear & Greed Index representing investment sentiment rose by 1 point from the previous day to 50 points (neutral) on this day. On the 8th, it had risen to 58 points (greed), but investment sentiment has since contracted. On the 10th, it even dropped to 48 points (neutral). Alternative's Fear & Greed Index means that a score closer to 0 indicates extreme fear and pessimism about investment, while a score near 100 indicates optimism.
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