Bitcoin (BTC) is showing weakness. This is contrary to the sharp rise in the New York stock market following news that the US and China will significantly reduce tariffs on each other for 90 days. The industry believes this is due to profit-taking sales.
As of 8 AM on the 13th, according to the cryptocurrency market site CoinMarketCap, BTC was trading at $102,881.99, down 0.89% from the previous day. BTC, which had risen to around $104,000 the day before, has since slightly declined.
Ethereum (ETH), the leading altcoin, also dropped 0.68% to $2,486.60. In contrast, XRP surged 7.07% to $2.53. Solana (SOL) is trading at $173.75, up 1.09%.
At the same time on Bithumb, BTC is up 0.46% from the previous day at 145,008,000 won. ETH is down 0.17% to 3,509,000 won, XRP is down 0.06% to 3,570 won, and SOL is down 0.73% to 244,800 won.
This is in contrast to the rally in the New York stock market as US-China trade negotiations rapidly progressed. The US and China agreed to lower each other's tariff rates by 115 percentage points as a result of trade talks held in Geneva, Switzerland on the 10th-11th. Consequently, the Dow Jones Industrial Average rose 2.81%, the S&P 500 rose 3.26%, and the Nasdaq Composite, which focuses on tech stocks, surged 4.35%.
BTC also rose to around $106,000 in the morning but is analyzed to have turned weak as profit-taking sales poured in. Cryptocurrency media outlet CoinDesk stated, "BTC had risen more than 40% since its April low until this morning, even more than the US stock market" and "Investors seem to have bought on rumors and sold on news".
However, there are also predictions that BTC will temporarily adjust and then rise again due to tariff easing. Kirill Kretov, an analyst at cryptocurrency auto-trading platform CoinPanel, said, "The 90-day tariff suspension between the US and China gave a clear positive signal to the market in the short term" and "Tariff reduction generally acts as an upward factor for BTC and other cryptocurrencies by reducing inflationary pressure and improving global liquidity conditions".
The Crypto Fear and Greed Index from alternative data provider Alternative.me remains at 70 points, the same as the previous day, indicating a state of 'greed'. This index means that the closer it is to 0, the more investment sentiment is subdued, and the closer to 100, the more the market is overheated.
- Reporter Shin Jung-seop
- jseop@sedaily.com
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