Digital asset market 'suddenly cools' due to disappearance of good news... There is no longer any optimism

Bitcoin falls for the second day... Contrast with the US stock market, which is on a steep rise
There is no sign of good news to lead to a rebound... Weakness expected to continue for the time being
Experts “On-chain data predicts Bitcoin will fall further”

While the U.S. stock market is recording strong performance, breaking all-time highs every day, the digital asset (cryptocurrency) market is literally in the cold. This is because the trend of liquid funds that had been invested in digital assets being rapidly diverted to the stock market continued for the second day.

The U.S. stock market continued to perform well. The Standard & Poor's (S&P) 500 index broke its all-time high, and Nvidia, considered a 'representative AI stock', finally ranked first in market capitalization.

Bitcoin (BTC) failed to rebound on the 19th following the 18th. Altcoins, which fell more steeply than Bitcoin, only rebounded slightly and were unable to make up for the previous day's decline.

The problem is that there is no good news that can lead to a rebound in the digital asset market. As there is no material that can change the market atmosphere, concerns are growing that the weakness in digital asset prices may last longer than expected.

◇Bitcoin = As of 5 p.m. on the 19th, the price of Bitcoin (BTC) is 92.07 million won as of Upbit. Bitcoin market share (dominance) was 55.37%.

As Bitcoin fell to $65,000, an analysis was published predicting a further decline in Bitcoin.

Giulio Moreno, senior researcher at CryptoQuant, explained, “Bitcoin price is below the price support line realized by short-term holders,” and “From a short-term perspective, Bitcoin may fall below $60,000.”

Metricsport, a digital asset financial service platform, also emphasized that “the current Bitcoin funding rate continues to decline,” adding, “This reflects that the positive outlook for the digital asset market is weakening.” He continued, “Currently, Bitcoin open interest is at a considerable level, and the price may continue to decline for some time before Bitcoin records a new high.”

◇ Rising Coin = As of Upbit at 5pm on the 19th, the digital asset that recorded the largest increase compared to the previous trading day was The Graph (GRT), showing an increase of approximately 9%.

The Graph is a decentralized platform that supports querying data stored in the blockchain in the form of an API and uses the key currency ‘The Graph’ within the platform.

◇Fear and Greed Index = The cryptocurrency fear-greed index provided by Alternative has entered the ‘Greed’ stage with 64 points. The greed stage is the stage where price volatility and trading volume increase, and is the stage where prices rise. There is a high possibility of a short-term peak forming, so one must be cautious when selling.

Reporter Seungwon Kwon ksw@