[Bitcoin Now] Rising Trend Amid Consecutive Positive News... Investor Sentiment Also Recovers

[Asia Economy Reporter Lee Jung-yoon] The price of the leading cryptocurrency Bitcoin is showing an upward trend. It appears to be influenced by news that the United States' largest oil company ExxonMobil is pursuing a project to use waste gas for cryptocurrency mining, and that Russia is considering the possibility of using Bitcoin for oil and natural gas payments.

According to the global cryptocurrency market tracking site CoinMarketCap, as of 3:55 PM on the 27th, the price of Bitcoin recorded $44,711 (approximately 54.73 million KRW), up 0.5% compared to the previous day. According to the price aggregated by the domestic cryptocurrency exchange Upbit, Bitcoin is trading at 54.09 million KRW, up 0.35% (187,000 KRW) from the previous day.

The price of Bitcoin is rising as positive news continues to be delivered. On the 26th (local time), according to US economic media CNBC and others, ExxonMobil is promoting a project to use flare gas, a waste gas generated during well drilling at a plant in North Dakota, for cryptocurrency mining such as Bitcoin, in collaboration with natural gas transportation company Crusoe Energy. ExxonMobil also conducted a pilot project for cryptocurrency mining using waste gas between January and July last year. They are also conducting cryptocurrency mining projects in Alaska using this method. It is reported that they are pushing to expand the business to places such as Nigeria and Argentina.

In addition, Russia announced that it is reviewing the adoption of payment methods for crude oil and natural gas settlements that include not only the ruble but also the importer's currency and Bitcoin. Furthermore, there is analysis that the recent suspicion that the Luna Foundation, which issued the cryptocurrency Terra, purchased $125 million (approximately 153 billion KRW) worth of Bitcoin earlier this week has also fueled the upward trend. Blockchain research platform Delphi Digital explained, "A better trading environment is being created than in recent weeks."

The digital asset fear and greed index of Dunamu, the operator of the domestic cryptocurrency exchange Upbit, recorded 59.4, indicating a 'neutral' stage. This is 8.61 points higher than 50.79 (neutral) recorded a week ago on the 20th of this month. Dunamu's digital asset fear and greed index is divided into stages of 'Extreme Fear (0?20)', 'Fear (20?40)', 'Neutral (40?60)', 'Greed (60?80)', and 'Extreme Greed (80?100)'. The greed direction indicates increased interest in buying by market participants, whereas moving toward fear indicates a fear of asset decline, leading to market exits and a chain reaction of price drops.