[Bitcoin Now] Slight Rise Despite US Stock Market Decline... Investor Sentiment Shrinks

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Lee Jung-yoon] Although the US stock market closed lower across the board, the price of the representative cryptocurrency Bitcoin rose slightly.

According to the global cryptocurrency market tracking site CoinMarketCap, as of 9:08 AM on the 30th, the price of Bitcoin was recorded at $19,557 (approximately 28.02 million KRW), up 0.30% from the previous day.

Bitcoin's price showed an upward trend despite the synchronized decline in the US stock market. On the 29th (local time), the Nasdaq index, which is centered on technology stocks, closed at 17,307.51, down 314.13 points (2.84%). Investor sentiment deteriorated significantly, with Apple’s stock closing down 4.91% compared to the previous session. Additionally, despite the Bank of England (BOE) announcing plans to purchase government bonds, the rally in US Treasury yields acted as a negative factor. Furthermore, the Federal Reserve’s (Fed) outlook for aggressive tightening remains dominant.

Earlier on the 27th, the US stock market also closed lower, but Bitcoin’s price rose. As the US stock market declined consecutively, some analysts suggested that certain investors sought refuge in the cryptocurrency market. Edward Moya, Senior Market Analyst at global investment firm OANDA, explained, "The correlation between Bitcoin and tech stocks still exists," but added, "However, it has not broken down like in this cycle." Cryptocurrency specialized media CoinDesk evaluated, "While the stock market plunged deeply again, the cryptocurrency market did not."

Meanwhile, according to cryptocurrency data provider Alternative, the Fear & Greed Index, which indicates investor sentiment as an index, fell by 1 point from the previous day to 21 points (extreme fear). Alternative’s Fear & Greed Index means that the closer the score is to 0, the more extreme pessimism investors feel, and the closer it is to 100, the more optimistic they are.