[Bitcoin Now] Luna Crisis, Altcoin Aftershocks Continue... Ethereum Plummets 10%

[Image source=Yonhap News]

[Asia Economy Reporter Myunghwan Lee] Bitcoin prices have been declining continuously since the Luna crash incident. While Bitcoin is consolidating at the price level following the Luna incident, the decline is particularly significant among altcoins.

According to the global cryptocurrency market tracking site CoinMarketCap, as of 10:42 AM on the 27th, Bitcoin was priced at $29,031 (approximately 36.54 million KRW), down 2.58% from the previous day. Bitcoin prices, which fell below $30,000 on the 24th, have recently been consolidating around the $29,000 level. It appears that the weakened cryptocurrency investment sentiment caused by the Luna incident is struggling to recover.

At the same time, altcoins such as Ethereum fell 10.15% to $1,758 (approximately 2.21 million KRW), and Solana dropped 11.59% to $42.6 (approximately 53,600 KRW), showing a large decline. Cryptocurrency specialized media CoinDesk reported that amid growing concerns over inflation and economic recession, investment is flowing into Bitcoin, which is considered relatively safe among cryptocurrencies. Kinahan, a researcher at Tastytrade, analyzed, "It is not surprising that people are pulling out of cryptocurrencies," adding, "Bitcoin, widely known among general investors, is regarded as trustworthy."

Meanwhile, the digital asset Fear & Greed Index by Dunamu, the operator of the domestic cryptocurrency exchange Upbit, recorded 28.52 on the day, indicating a 'Fear' stage. Compared to 28.75 (Fear) the previous day, it decreased by 0.23. Compared to 27.54 (Fear) a week ago, it rose by 0.98. Dunamu's digital asset Fear & 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 causing market exits and a chain reaction of price drops.