[Bitcoin Now] Slightly Weak Amid Prolonged Tightening Concerns... $17,000 'On the Edge'

[Asia Economy Reporter Myunghwan Lee] Bitcoin, the representative virtual asset, is trading slightly lower amid concerns that the U.S. Federal Reserve (Fed) may raise the benchmark interest rate further.

According to the global virtual asset market tracking site CoinMarketCap, as of 10:09 a.m. on the 6th, the price of Bitcoin was recorded at $17,054 (approximately 22.22 million KRW), down 1.08% from the previous day.

Bitcoin prices are slightly declining as major U.S. stock market indicators, which show synchronization, closed lower. This is due to concerns that the Fed may continue tightening monetary policy as U.S. economic indicators showed strength. On the 5th (local time), the Nasdaq index, centered on technology stocks, closed at 11,239.94, down 1.93% (221.56 points) from the previous trading day. The Dow Jones Industrial Average fell 1.40% (482.78 points) to 33,947.10, and the S&P 500 index closed at 3,998.84, down 72.86 points (1.79%) from the previous session.

According to the U.S. Institute for Supply Management (ISM), the non-manufacturing (services) Purchasing Managers' Index (PMI) for November was 56.5, exceeding last month's 54.4. The market had initially expected 53.7. The U.S. Department of Commerce also reported that October factory orders increased by 1% compared to the previous month, surpassing the forecast of 0.7%. As economic indicators exceeded expectations, major indexes fell amid concerns that the Fed would maintain a hawkish stance.

Meanwhile, according to the virtual asset data provider Alternative, the Fear & Greed Index, which measures investor sentiment, dropped by 1 point from the previous day to 25 points (extreme fear). Alternative's Fear & Greed Index ranges from 0 to 100, where 0 indicates extreme fear and pessimism about investing, and values close to 100 indicate optimism.