[Bitcoin Now] US Bank Crisis Pushes Price to $29,000 Range... Investor Sentiment 'Greed'

As the banking crisis acts as a positive factor, the price of Bitcoin is recording the $29,000 range.

[Image source=Reuters·Yonhap News]

According to CoinMarketCap, a global virtual asset market tracking site, as of 2:13 PM on the 30th, the price of Bitcoin was $29,241 (approximately 39.21 million KRW), down 0.61% from the previous day.

Until the 25th of this month, Bitcoin was priced in the $27,000 range, but as U.S. banks faltered, it was recognized as an alternative store of value, leading to an upward trend. First Republic Bank highlighted concerns in the banking sector by announcing a roughly 41% drop in deposits in the first quarter during its earnings report. Previously, during the Silicon Valley Bank (SVB) incident, Bitcoin was also perceived as a store of value, resulting in a price increase.

Additionally, Meta's strong performance also drove the upward trend. Meta, the parent company of Facebook, saw its first-quarter revenue this year increase by 3% compared to the same period last year, returning to growth after four quarters. Quarterly net profit exceeded market expectations, and guidance for the current quarter surpassed market forecasts, causing the stock price to rise sharply.

Meanwhile, investor sentiment in virtual assets showed a level of greed. According to Alternative, a virtual asset data provider, the Fear & Greed Index representing investor sentiment scored 60 (greed), down 4 points from the previous day. Until the 25th, it remained at 53 (neutral) but has since shown a recovery trend. Alternative's Fear & Greed Index ranges from 0, indicating extreme fear and pessimism about investment, to 100, indicating optimism.