[Bitcoin Now] Pausing with a 0.4% Drop... Investor Sentiment at 'Greed'

The price of Bitcoin, the representative virtual asset, is showing a downward trend as it takes a breather.

Image source=Reuters·Yonhap News

According to CoinMarketCap, a global virtual asset market tracking site, as of 10:02 AM on the 31st, the price of Bitcoin was recorded at $28,235 (approximately 36.65 million KRW), down 0.39% from the previous day.

The price of Bitcoin showed an upward trend the previous day, surpassing the $29,000 mark. Risk asset investment sentiment revived amid expectations of a Federal Reserve (Fed) interest rate hike within the year. Additionally, the prospect of Ripple winning the lawsuit against the U.S. Securities and Exchange Commission (SEC) also contributed to the rise. If Ripple wins, it is likely that the U.S. Commodity Futures Trading Commission (CFTC) will handle most virtual assets. This is expected to lead to a rise in virtual asset prices due to anticipated lighter regulations compared to SEC jurisdiction.

However, the Bitcoin price on this day is interpreted as declining due to a breather following the previous day's rise and the easing of concerns about the banking system. While virtual assets like Bitcoin surged as a safe haven amid financial risks, worries about a banking sector crisis are gradually easing.

Virtual asset investment sentiment remained at a greed level. According to Alternative, a virtual asset data provider, the Fear & Greed Index, which indicates investment sentiment as an index, rose by 3 points from the previous day to 63 points (greed) on this day. Alternative's Fear & Greed Index ranges from 0 points, indicating extreme fear and pessimism about investment, to near 100 points, indicating optimism.