- It was reported that Bitcoin and Ethereum showed a downward trend due to the U.S. Federal Reserve's announcement to moderate the pace of interest rate cuts.
- It was stated that as investor sentiment has not recovered, the Bitcoin spot exchange-traded fund (ETF) recorded net outflows for two consecutive trading days.
- Alternative's 'Fear and Greed Index' recorded 70 points, indicating that the level of 'Greed' among investors decreased compared to the previous day.
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Bitcoin continues its downward trend as the U.S. moderates its pace on interest rate cuts.
As of 8:50 AM on the 23rd, Bitcoin recorded 144.77 million KRW on the domestic virtual asset exchange Bithumb, down 0.12% from 24 hours ago. At the same time, it was trading at 144.86 million KRW on Upbit, a decrease of 2.01%.
Ethereum, the second-largest by market capitalization, has fallen below the 5 million KRW mark. At the same time, Ethereum was trading at 4.98 million KRW on Bithumb, down 0.10%, and at 4.99 million KRW on Upbit, down 1.73%.
The market is influenced by last week's actions of the U.S. Federal Reserve (Fed). The Fed announced it would slow the pace of interest rate cuts next year. Investor sentiment has yet to recover. This is also evident in institutional fund flows. The Bitcoin spot exchange-traded fund (ETF) recorded net outflows for two consecutive trading days.
Meanwhile, the 'Fear and Greed Index' compiled by global virtual asset data research firm Alternative recorded 70 points, indicating a 'Greed' level. This is a decrease from the previous day's 73 points (Greed). The index indicates extreme fear as it approaches 0 and extreme optimism as it approaches 100.
Lee Song-ryeol, Hankyung.com journalist yisr0203@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.PiCK News
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