[Bitcoin Now] Decline Amid US Stock Market Drop... $19,000 'On the Edge'

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Myung-Hwan Lee] The leading cryptocurrency Bitcoin is declining due to the impact of the U.S. stock market closing lower.

According to the global cryptocurrency market tracking site CoinMarketCap, as of 11:11 a.m. on the 20th, the price of Bitcoin was recorded at $19,048 (approximately 27.32 million KRW), down 1.40% from the previous day.

The price of Bitcoin appears to be affected by the decline in the Nasdaq index of the U.S. stock market, which shows a synchronization phenomenon. On the 19th (local time), the Nasdaq index, focused on technology stocks, closed at 10,680.51, down 0.85% (91.89 points) from the previous trading day. The Dow Jones Industrial Average fell 0.33% (99.99 points) to 30,423.81, and the S&P 500 index dropped 0.67% (24.82 points) to 3,695.16.

The U.S. stock market declined due to the rise in government bond yields. The 10-year U.S. Treasury yield surpassed 4% again amid inflation concerns, rising to 4.13%. The 2-year Treasury yield recorded 4.56%.

The decline in major altcoins is even greater. At the same time, the leading altcoin Ethereum was down 2.03% from the previous day, trading at $1,279 (approximately 1.8357 million KRW). Cardano (ADA) also fell 2.70% from the previous day, recorded at $0.3511 (approximately 503 KRW).

Meanwhile, according to cryptocurrency data provider Alternative, the Fear & Greed Index, which indicates investor sentiment as an index, remained at 23 points (extreme fear), the same as the previous day. Alternative’s Fear & Greed Index means that the closer the score is to 0, the more pessimistic investors feel, indicating extreme fear, while a score near 100 indicates optimism.