Bitcoin (BTC) is falling, leading to a general weakness in the cryptocurrency market. Related stocks have also been adjusting accordingly.
According to CoinMarketCap, a global virtual asset market monitoring site, BTC was trading at $86,190.85 at 8:00 AM on the 18th, down 1.91% from the previous day. It briefly surpassed $90,000 that night but gave back the gains. Ethereum (ETH) fell 4.31% to $2,829.15, BNB fell 3.82% to $841.21, XRP fell 3.21% to $1.865, and Solana (SOL) fell 4.40% to $122.90.
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The domestic market is also weak. At the same time, BTC was trading at 128,763,000 won on Bithumb, down 3.26% from the previous day. ETH was down 5.01% at 4,225,000 won, XRP was down 4.49% at 2,787 won, and SOL was down 6.05% at 184,200 won.
The cryptocurrency price correction dealt a direct blow to mining stocks. Mara Holdings fell 7.11% on the day (local time), and Core Scientific fell 7.88%. Cleanspark, which had previously shown strength, gave up all of its gains, falling 3.20%, and Riot Platforms fell 3.79%.
Shares of cryptocurrency service and infrastructure companies also showed weakness. Circle Internet, issuer of the dollar-denominated stablecoin USDC, fell 4.38%. Strategy, the largest Bitcoin holder, fell 4.25%, and Galaxy Digital fell 6.17%. Coinbase also fell 3.33%.
Meanwhile, on the 17th (local time), Federal Reserve Governor Chris Waller eased his cautious stance on the neutral interest rate, noting that employment growth is slowing. However, prediction markets Polymarket and Calci are pricing in a 70% or higher chance of a January rate freeze. The Chicago Mercantile Exchange (CME) FedWatch also points to a similar trend.
The fear and greed index from virtual asset data analysis company Alternative.me rose 5 points from the previous day to 16, indicating "extreme fear." A reading closer to 0 indicates a weakening of investor sentiment, while a reading closer to 100 indicates overheated markets.
- Reporter Do Ye-ri
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