[Bitcoin Now] Slight Decline Amid Weak US Economic Indicators... Holding Around $23,000

[Image source=Yonhap News]

[Asia Economy Reporter Lee Jung-yoon] As the U.S. stock market closed lower, the representative cryptocurrency Bitcoin also showed a slight decline in price.

According to the global cryptocurrency market tracking site CoinMarketCap, as of 9:24 a.m. on the 2nd, Bitcoin's price was recorded at $23,333 (approximately 30.54 million KRW), down 0.05% from the previous day. At one point, it fell to the $22,800 range.

Bitcoin's price fell as the U.S. stock market, which shows a synchronization phenomenon, declined. On the 1st (local time), the tech-heavy Nasdaq index closed down 21.71 points (0.18%) at 12,368.98. The Dow Jones Industrial Average fell 46.73 points (0.14%) to 32,798.40, and the large-cap S&P 500 index dropped 11.66 points (0.28%) to 4,118.63.

The U.S. stock market was affected by weak economic indicators. The finalized July manufacturing Purchasing Managers' Index (PMI) from S&P Global was 52.2, the lowest level in two years. The July U.S. manufacturing PMI compiled by the Institute for Supply Management (ISM) was also 52.8, the lowest in two years. U.S. construction spending in June decreased by 1.1% month-over-month to an annual rate of $1.7623 trillion, falling short of market expectations.

However, despite the decline on this day, Bitcoin's volatility was considered limited. The cryptocurrency specialized media CoinDesk explained, "Although Bitcoin's price fell for four consecutive days, it was a moderate level considering the typically high volatility of the cryptocurrency market, so no fear was observed."

Meanwhile, according to the cryptocurrency data provider Alternative, the Fear & Greed Index, which indicates investor sentiment as an index, fell by 2 points from the previous day to 31 points (fear). Alternative's Fear & Greed Index means that the closer the score is to 0, the more pessimistic fear investors feel about investing, and the closer it is to 100, the more optimistic they are.