[Bitcoin Now] Sideways Movement Around $20,000... Bold, Affected by 'Coin Run', Receives Acquisition Offer

[Image source=Yonhap News]

[Asia Economy Reporter Myung-hwan Lee] The price of Bitcoin, the leading cryptocurrency, is showing a sideways trend around the psychological support level of $20,000.

According to the global cryptocurrency market tracking site CoinMarketCap, as of 10:43 a.m. on the 6th, the price of Bitcoin was recorded at $20,074 (approximately 26.25 million KRW), down 0.33% from the previous day.

The price of Bitcoin is hovering around the $20,000 level, continuing from the previous day. The Nasdaq index, which shows a correlated movement with Bitcoin prices, closed slightly higher amid mixed trading. On the 5th (local time), the tech-heavy Nasdaq index closed at 11,322.24, up 194.39 points (1.75%) from the previous trading day. The Dow Jones Industrial Average fell 129.44 points (0.42%) to 30,967.82, while the S&P 500 index closed at 3,831.39, up 6.06 points (0.16%) from the previous session.

Bold, a cryptocurrency lending company that had raised concerns about a chain of bankruptcies in the crypto finance sector, has received an acquisition proposal from a competitor. Bloomberg reported on the 5th that cryptocurrency lender Nexo signed an agreement guaranteeing a 60-day exclusive negotiation period to explore the possibility of acquiring Bold. Bold had suspended cryptocurrency withdrawals, trading, and deposits on the 4th due to the worsening conditions in the crypto market.

Meanwhile, the Digital Asset Fear & Greed Index by Dunamu, which operates the domestic cryptocurrency exchange Upbit, recorded a level of 33.56 on the day, indicating a 'Fear' stage. This is an increase of 9.22 from 24.34 (Fear) a week earlier. 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)'. A greed direction indicates increased interest in buying among market participants, whereas a fear direction reflects a growing fear of asset decline, leading to market exits and a chain reaction of price drops.