[Bitcoin Now] Stock Market Volatility Expands, $19,000 Level Collapses... Advice to "Take It as an Opportunity to Increase Allocation"

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Lee Myunghwan] Bitcoin prices have once again shown a downward trend, trading below $19,000.

According to the global cryptocurrency market tracking site CoinMarketCap, as of 11:28 AM on the 26th, Bitcoin was priced at $18,913 (approximately 27.01 million KRW), down 0.19% from the previous day.

Bitcoin prices appear to be affected by increased market volatility following the U.S. Federal Reserve's three consecutive giant steps (raising the benchmark interest rate by 0.75 percentage points each time).

The decline in the Nasdaq index, which shows a correlation with Bitcoin, is driving the price down. On the most recent trading day, the 23rd (local time), the tech-heavy Nasdaq index closed at 18,67.93, down 1.80% (198.88 points) from the previous trading day. The Dow Jones Industrial Average fell 1.62% (486.27 points) to 29,590.41, and the S&P 500 index dropped 1.72% (64.76 points) to 3,693.23.

However, there is advice that this price decline should be seen as a buying opportunity. Joe DiPascal, CEO of BitBull Capital, said, "Bitcoin is under downward pressure due to the macroeconomic environment," but also analyzed, "Prices below $20,000 present a mid-to-long-term opportunity to increase holdings." CEO DiPascal added, "Bitcoin is forming a support level around $18,000," and predicted, "If there is no further decline in the coming days, it will rise to the low $24,000 to $26,000 range by October."

Meanwhile, according to cryptocurrency data provider Alternative, the Fear & Greed Index, which measures investor sentiment, dropped 3 points from 24 (extreme fear) the previous day to 21 (extreme fear) on the same day. Alternative's Fear & Greed Index ranges from 0, indicating extreme fear and pessimism about investing, to 100, indicating optimism.