Bitcoin Falls to $82,000 Range... Altcoins Also Weaken

Ethereum drops over 6%,
Tether remains resilient amid market downturn

Bitcoin prices retreated to the $82,000 range at one point during trading on the 27th (Korean time).

According to CoinMarketCap, a global virtual asset market site, as of 6:56 AM on the same day, Bitcoin was trading at $84,217.44, down 4.97% from the previous day.

At 5:20 AM that day, Bitcoin had fallen to $82,242 but partially recovered as bargain buying emerged.

At the same time, altcoins (virtual assets excluding Bitcoin) were also in decline. Ethereum, the leading altcoin, dropped more than 6%, while Ripple, Solana, and Dogecoin recorded losses in the 3-6% range. However, Tether held steady with a slight decline of less than 1%.

This is interpreted as a result of weakened investor sentiment across virtual assets, which are classified as risky assets, along with the decline in the US stock market the previous day.

According to the US Conference Board (CB), a private research organization, the US Consumer Confidence Index for February was 98.3, down 7 points from January. This drop is the largest monthly decline since August 2021. Stephanie Gishard, Chief Economist at the Conference Board, noted, "US consumers were pessimistic about business conditions and less optimistic about future income."