[Bitcoin Now] Up 7% Despite SVB Crisis... Investor Sentiment Shifts from 'Fear' to 'Neutral'

Despite the bankruptcy of Silicon Valley Bank (SVB) in the United States, the price of Bitcoin surged more than 7%.

According to CoinMarketCap, a global virtual asset market tracking site, as of 9:15 a.m. on the 13th, the price of Bitcoin was recorded at $22,113 (approximately 29.26 million KRW), up 7.48% from the previous day. Until around 2 a.m. that day, the price of Bitcoin was still in the $20,000 range, but then showed a sharp rise.

Image source=Reuters·Yonhap News

The rise in Bitcoin price appears to be due to bargain buying inflows despite the closure of SVB. Additionally, on the 12th (local time), the U.S. Treasury Department, Federal Reserve (Fed), and Federal Deposit Insurance Corporation (FDIC) jointly announced that Treasury Secretary Janet Yellen reported the Fed and FDIC's recommendations to President Joe Biden, who approved a solution to fully protect all depositors, which is also interpreted as driving the upward trend.

Meanwhile, investor sentiment in virtual assets has recovered to a neutral level. According to Alternative, a virtual asset data provider, the Fear & Greed Index, which expresses investor sentiment as an index, recorded 49 points (neutral), up 16 points from 33 points (fear) the previous day. Alternative's Fear & Greed Index means that a score closer to 0 indicates extreme fear and pessimism about investment, while a score near 100 indicates optimism.