[Bitcoin Now] Surges 5% Nears $30,000... Investor Sentiment 'Greed'

The price of the representative virtual asset Bitcoin rose more than 5%, approaching $30,000.

Image source=Reuters·Yonhap News

According to the global virtual asset market tracking site CoinMarketCap, as of 9:50 a.m. on the 11th, the price of Bitcoin was recorded at $29,844 (approximately 39.39 million KRW), up 5.10% from the previous day. This increase restored the price to the level seen on June 11 of last year.

The price of Bitcoin showed an upward trend in anticipation of the U.S. March Consumer Price Index (CPI). The March CPI inflation rate is expected to rise 5.1% year-over-year, down from 6% in the previous month to the 5% range. However, if inflation exceeds market expectations, concerns about tightening monetary policy are likely to increase further. The market is focusing on the Federal Reserve's baby step (a 0.25 percentage point increase in the benchmark interest rate).

Meanwhile, virtual asset investor sentiment indicated a level of 'greed.' According to the virtual asset data provider Alternative, the Fear & Greed Index, which expresses investor sentiment as an index, rose 6 points from the previous day to 68 points (greed). Alternative's Fear & Greed Index means that a score closer to 0 indicates extreme fear and pessimism about investing, while a score near 100 indicates optimism.