[Bitcoin Now] Sideways Movement Around $25,000... Investor Sentiment Still 'Fear'

Image source=Reuters·Yonhap News

The price of Bitcoin, the leading virtual asset, continues to hover without a significant rebound.

According to CoinMarketCap, a global virtual asset market tracking site, as of 3:41 PM on the 10th, the price of Bitcoin was recorded at $25,850 (approximately 34.56 million KRW), down 0.06% from the previous day. Compared to a week ago, it has decreased by 0.30%.

Bitcoin's price is being influenced by concerns that the U.S. Federal Reserve (Fed) may maintain its interest rate hike policy longer than expected. According to the U.S. Department of Labor, the number of new unemployment insurance claims for the week ending on the 2nd dropped by 13,000 from the previous week to 216,000. The weekly unemployment indicator fell to its lowest level since February, suggesting that employment remains robust. Additionally, oil prices have shown an upward trend again, raising expectations that inflation may rebound.

Furthermore, the impact of the delayed announcement of the Bitcoin spot Exchange-Traded Fund (ETF) review results continues. Previously, on the 31st of last month, the U.S. Securities and Exchange Commission (SEC) announced that the decision on Bitcoin spot ETF applications submitted by seven asset management firms, including BlackRock, would be postponed to June 16-17.

Investor sentiment in virtual assets remained in the fear phase. According to data from Alternative, a virtual asset data provider, the Fear & Greed Index, which measures investor sentiment, dropped by 1 point from the previous day to 40 points (fear). This is the same level as a week ago. Alternative's Fear & Greed Index ranges from 0, indicating extreme fear and pessimism about investment, to 100, indicating optimism.