[Bitcoin Now] Moves Opposite to US Stock Market... Slight Decline Despite 1% Rise in Nasdaq

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Lee Myunghwan] Despite the U.S. stock market, which shows a synchronized movement with the representative cryptocurrency Bitcoin, closing higher, Bitcoin itself is slightly declining.

According to the global cryptocurrency market tracking site CoinMarketCap, as of 11:02 a.m. on the 19th, Bitcoin's price was recorded at $19,314 (approximately 27.34 million KRW), down 1.15% from the previous day.

Bitcoin's price is showing a contrary trend despite the major indices of the U.S. stock market, which exhibit synchronized movement, closing higher. On the 18th (local time), the New York stock market rose as corporate earnings came out positively. The tech-heavy Nasdaq index closed at 10,772.40, up 0.90% (96.60 points) from the previous trading day. The Dow Jones Industrial Average rose 1.12% (337.98 points) to 35,523.80, and the S&P 500 index closed at 3,719.98, up 1.14% (42.03 points).

Bitcoin's price briefly rebounded due to the impact of the U.S. Consumer Price Index (CPI) for September announced on the 13th (local time), but then declined and has been stagnant around the $19,000 level.

Trading volume also appears to be decreasing. Cryptocurrency specialized media CoinDesk reported, "Bitcoin gave back some of the gains on the 17th as trading volume and volatility in the cryptocurrency market continued to decline."

Meanwhile, according to cryptocurrency data provider Alternative, the Fear & Greed Index, which indicates investor sentiment as an index, rose by 1 point from 22 points the previous day to 23 points (extreme fear) on the same day. Alternative's Fear & Greed Index means that the closer the score is to 0, the more extreme fear and pessimism investors feel, and the closer it is to 100, the more optimistic they are.