[Bitcoin Now] Surpasses $38,000 Then Retraces Gains... Investor Sentiment Turns to 'Greed'

Image source=Reuters·Yonhap News

The price of the leading virtual asset, Bitcoin, is weak. Although it briefly surpassed the $38,000 mark for the first time since May last year, it has since given back its gains.

According to the global virtual asset market tracking site CoinMarketCap, as of 2:35 PM on the 26th, Bitcoin was priced at $37,765 (approximately 49.32 million KRW), down 0.10% from the previous day. Compared to a week ago, it has risen 3.30%.

The day before, Bitcoin's price broke through $38,000, reaching up to $38,260. The expectation of the launch of a Bitcoin spot exchange-traded fund (ETF) drove the price increase. Additionally, news that the U.S. Securities and Exchange Commission (SEC) imposed a fine of approximately $4.3 billion (5.5 trillion KRW) on Zhao Changpeng, founder of the global virtual asset exchange Binance, for securities law violations, and that Zhao acknowledged the charges, would step down as CEO, and pay the fine, also had a positive impact. The agreement between Binance and the SEC raised the likelihood of SEC approval for a Bitcoin spot ETF, and Binance resolving its legal risks was seen as positive. However, Binance's announcement of its withdrawal from the U.S. market was interpreted as a negative factor for Bitcoin's price.

Investor sentiment in virtual assets showed a level of greed. According to data from the virtual asset data provider Alternative, the Fear & Greed Index, which measures investor sentiment, remained at 73 points (greed) as it was the previous day. Compared to 66 points (greed) a week ago, it rose by 7 points. Alternative's Fear & Greed Index ranges from 0, indicating extreme fear and pessimism about investment, to 100, indicating optimism.