[Bitcoin Now] Steady at $29,000 After 9 Consecutive Weeks of Decline

[Asia Economy Reporter Lee Myunghwan] Bitcoin has been on a downward trend for nine consecutive weeks, hovering around the $29,000 level. Luna (Luna 2), newly issued by Terraform Labs, has shown high volatility but has failed to generate significant impact.

According to CoinMarketCap, a global cryptocurrency market tracking site, as of 11:14 AM on the 30th, the price of Bitcoin rose 2.52% from the previous day to $29,648 (approximately 37.03 million KRW). Cryptocurrency specialized media CoinDesk reported that Bitcoin has set a new record for nine consecutive weeks of decline. According to CoinDesk, this is the first time Bitcoin’s price decline has lasted more than six weeks. This month, Bitcoin fell from $37,600 to $29,400.

Cryptocurrency experts do not rule out the possibility of further declines in Bitcoin’s price. Joe DiPascal, CEO of BitBull Capital, said, "If Bitcoin breaks through $30,000, it will continue its upward trend," but also warned, "If bearish sentiment continues to pressure prices downward, it could retreat to the $25,000 level."

Luna, which recently started trading, also appears to have little impact on the cryptocurrency market. At the same time, Luna listed on overseas exchanges is trading at $5.83 (approximately 7,281 KRW), up 16.89% from the previous trading day. CoinMarketCap began tracking Luna’s price from the 28th, showing price fluctuations of up to 80%. Trading volume has also noticeably decreased; on the first day of listing, the 28th, trading volume was $281.6 million (approximately 352.5 billion KRW), but it sharply dropped by about 46.72% to $150.04 million (approximately 187.8 billion KRW) the following day.

Cryptocurrency specialized media CoinDesk pointed out that most investors are expected to move to the newly launched Luna, making it unclear what the existing Luna (Luna Classic) will be used for. Domestic cryptocurrency exchanges also plan to support an 'airdrop' to provide Luna free of charge to existing Luna Classic holders, but whether trading support will be available remains uncertain.

Meanwhile, the Digital Asset Fear & Greed Index by Dunamu, which operates the domestic cryptocurrency exchange Upbit, recorded 35.43 on the day, indicating a 'Fear' stage. This is an increase of 1.36 from 34.07 (Fear) the previous day. Compared to 28.33 (Fear) a week ago, it rose by 7.10. Dunamu’s Digital Asset Fear & Greed Index is divided into stages: ‘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 among market participants, while moving toward fear indicates a chain reaction of price declines as investors exit the market due to fear of asset depreciation.