Bitcoin (BTC) showed significant volatility, fluctuating by over $4,000 in one day. BTC, which had fallen to the $89,000 range around midnight, recovered to the $90,000 range thanks to an influx of low-price buying.
According to CoinMarketCap, a global cryptocurrency market monitoring site, as of 8:00 AM on the 12th, BTC was trading at $92,276.57, down 0.33% from the previous 24 hours. Ethereum (ETH) also fell 3.37% to $3,235.94. XRP fell 1.07% to $2.032, and Binance Coin (BNB) fell 1.54% to $884.51. Solana (SOL) is trading at $135.99, down 1.12%.
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The domestic market is experiencing a similar trend. On Bithumb, a domestic cryptocurrency exchange, BTC fell 0.07% from the previous day to 137.4 million won. ETH is trading at 4.815 million won, down 3.27%, and XRP is trading at 3,023 won, down 1.08%.
Jasper de Maier, desk strategist at Wintermute, a cryptocurrency trading firm, assessed that market movements today reaffirmed the decoupling between cryptocurrencies and the stock market surrounding macroeconomic events. He pointed out that US cryptocurrency regulation should now be the key market variable, rather than the Federal Reserve's (Fed) monetary policy.
He said, “Over the past year, BTC has outperformed Nasdaq on only 18% of macroeconomic announcement days,” adding, “The stock market rebounded the day before, but cryptocurrencies were weak, which suggests that the interest rate cut has already been priced into the market and is no longer a support factor.”
Cryptocurrency investor sentiment remains in a state of "fear." The fear and greed index from cryptocurrency data analysis firm Alternative.me rose three points from the previous day to 29. A reading closer to zero indicates a weakening of investor sentiment, while a reading closer to 100 indicates overheated markets.
- Reporter Kim Jeong-woo
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