[Bitcoin Now] US Stock Market Falls Sharply in One Day... Investor Sentiment at 'Extreme Fear'

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Lee Jung-yoon] The U.S. stock market declined, leading to a weak trend in the representative cryptocurrency Bitcoin price.

According to the global cryptocurrency market tracking site CoinMarketCap, as of 2:13 PM on the 15th, the price of Bitcoin was recorded at $19,188 (approximately 27.68 million KRW), down 3.18% from the previous day.

Bitcoin prices showed a downward trend after the U.S. stock market, which had risen despite the September Consumer Price Index (CPI) exceeding expectations, closed lower on the 14th (local time) just one day later. The Nasdaq Composite Index, focused on technology stocks, closed down 327.76 points (3.08%) at 13,321.39. The Dow Jones Industrial Average fell 403.89 points (1.34%) to 29,634.83, and the large-cap S&P 500 Index ended trading 86.84 points (2.37%) lower at 3,583.07.

Rising inflation expectations at the University of Michigan drove the decline in the U.S. stock market. The median expected inflation for the next year rose to 5.1% from 4.7% the previous month. The 5-year expected inflation also increased from 2.7% to 2.9%. This raised concerns about the Federal Reserve's (Fed) tightening measures.

Cryptocurrency investor sentiment remains in a state of extreme fear. According to cryptocurrency data provider Alternative, the Fear & Greed Index, which measures investor sentiment, remained at 24 points (extreme fear) as it was the previous day. Alternative's Fear & Greed Index ranges from 0 points, indicating extreme fear and pessimism about investment, to 100 points, indicating optimism.