[Bitcoin Now] Reacting to US Soft Landing... Surges 9% in a Day, Surpasses $24,000

[Asia Economy Reporter Lee Jung-yoon] The price of Bitcoin, the leading virtual asset, surged more than 9% in a single day, surpassing $24,000.

[Image source=Reuters·Yonhap News]

According to the global virtual asset market tracking site CoinMarketCap at 8:35 a.m. on the 16th, the price of Bitcoin was recorded at $24,291 (approximately 31.21 million KRW), up 9.22% from the previous day.

The Bitcoin price soared as the Nasdaq index in the U.S., which tends to move in sync, rose and January retail sales exceeded expectations. On the 15th (local time), the tech-heavy Nasdaq index closed at 12,070.59, up 110.45 points (0.92%). The Dow Jones Industrial Average rose 38.78 points (0.11%) to 34,128.05, and the large-cap S&P 500 index ended trading at 4,147.60, up 11.47 points (0.28%).

U.S. retail sales in January increased by 3% compared to the previous month, surpassing the forecast of 1.90%. This marked the largest increase in 22 months since March 2021. Core retail sales, excluding gasoline and automobiles, also rose 2.6% from the previous month, recording the largest increase in nearly two years. Despite growing concerns about tightening due to these economic indicators, investors' attention was drawn to signals of a soft landing, leading to an upward trend in virtual asset prices.

However, despite the sharp rise on this day, negative factors remain in the virtual asset market. Earlier, the U.S. Securities and Exchange Commission (SEC) imposed sanctions on Kraken, the world's third-largest virtual asset exchange, for its staking service, causing prices to fall. Additionally, the New York Department of Financial Services (NYDFS) issued a consumer alert and ordered Paxos, which issues the stablecoin BUSD for Binance, the world's largest exchange, to halt issuance. The SEC also sent a notice to Paxos, judging that it violated securities laws in the issuance and distribution process of UBSD, prior to filing a lawsuit.