[Bitcoin Now] Recovering to $23,000 Amid US Stock Market Spring Breeze... Investor Sentiment Revives

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Lee Jung-yoon] As the U.S. stock market showed an upward trend, Bitcoin prices have also recovered, rising more than 3% over the past week.

According to the global cryptocurrency market tracking site CoinMarketCap, as of 1:52 PM on the 30th, the price of Bitcoin was recorded at $23,759 (approximately 31.05 million KRW). This represents a 0.89% decrease compared to the previous day, but a 3.44% increase compared to a week ago. Around 8:34 AM on the same day, Bitcoin prices briefly exceeded $24,000.

The recent rise in Bitcoin prices is largely influenced by the U.S. stock market. Cryptocurrency specialized media CoinDesk evaluated that the correlation between Bitcoin prices and stock indices strengthened further last week.

On the 29th (local time), the Nasdaq index, centered on technology stocks, closed at 12,390.69, up 228.10 points (1.88%). The Dow Jones Industrial Average rose 315.50 points (0.97%) to 32,845.13, and the large-cap focused S&P 500 index ended trading at 4,130.29, up 57.86 points (1.42%). Apple, which released stronger-than-expected earnings, rose 3.25% compared to the previous session. Amazon, which presented a third-quarter outlook exceeding market expectations, surged more than 10%. Additionally, technology stocks such as Tesla (5.79%), Nvidia (1.0%), and Microsoft (1.50%) also recorded gains.

At the beginning of this month, the total cryptocurrency market capitalization was around $840 billion (1,098 trillion KRW), but as it surpassed $1 trillion, investor sentiment has also revived. According to cryptocurrency data provider Alternative, the Fear & Greed Index, which measures investor sentiment, rose 3 points from the previous day to 42 points (fear) on this day. Compared to 31 points (fear) on the 23rd and 11 points (extreme fear) on the 1st of this month, it increased by 11 and 31 points respectively. Alternative’s Fear & Greed Index indicates that a score closer to 0 reflects pessimistic fear about investment, while a score near 100 indicates optimism.