With the New York stock market closing lower, the cryptocurrency market, including Bitcoin (BTC), is also experiencing a slight decline. However, there are market expectations as the U.S. government has shown support for the cryptocurrency industry and its intention to acquire BTC at events such as the largest Bitcoin conference in Las Vegas.
As of 8 AM on the 29th according to CoinMarketCap, BTC is trading at $107,451.92, down 1.49% from the previous day. At the same time, the altcoin leader Ethereum (ETH) recorded $2,649.76, down 0.41%. XRP is trading at $2.26, down 2.39%, while Solana (SOL) is up 3.21% at $170.98.
In domestic exchanges, BTC and XRP are declining, while ETH and SOL are rising. On Bithumb, BTC is down 0.11% at 149,883,000 won. ETH is up 0.93% at 3,697,000 won, XRP is down 0.25% at 3,155 won, and SOL is up 0.51% at 238,600 won.
The New York stock market also closed lower. On the 28th (local time), the Dow Jones Industrial Average closed down 0.58%. The S&P 500 was down -0.56%, and the Nasdaq Composite, which focuses on tech stocks, fell -0.53%.
JD Vance, the U.S. Vice President, emphasized industry support at the 'Bitcoin 2025 Conference' in Las Vegas, raising market expectations. The Vice President declared that the Biden administration's cryptocurrency suppression has ended and announced the termination of 'Operation Choke Point 2.0'. Operation Choke Point 2.0 refers to an unofficial regulatory strategy during the Biden administration where the U.S. government pressured banks and financial institutions to effectively block cryptocurrency companies and transactions.
Previously, David Sacks, who oversaw AI and cryptocurrency policies in the Trump administration, stated the day before that if the U.S. government could fund without increasing its budget, "more BTC can be purchased". In a conversation with Gemini exchange founders Cameron and Tyler Winklevoss, he said, "I can't make a definitive promise, but there are ways the government can purchase additional Bitcoin".
The Crypto Fear and Greed Index from cryptocurrency data analysis firm Alternative.me remains in a 'greed' state at 71 points, down 3 points from the previous day. This index indicates that the closer to 0, the more constrained the investment sentiment, and the closer to 100, the more overheated the market.
- Reporter Shin Jung-seop
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