Bitcoin (BTC), which recently hit an all-time high, is hovering around the $120,000 level as profit-taking pushes it back.
According to CoinMarketCap, a global cryptocurrency market monitoring site, as of 8:15 AM on the 10th, BTC was trading at $121,543.82, down 1.33% from the previous 24 hours. Major altcoins are also falling. At the same time, Ethereum (ETH) fell 3.24% to $4,369.56. XRP fell 2.76% to $2.80, and Solana (SOL) fell 3.31% to $220.65.
The domestic cryptocurrency market is showing a similar pattern. On Bithumb, a domestic exchange, BTC fell 0.13% from the previous day to 177,372,000 won. XRP is trading at 4,099 won, down 0.36%, and SOL is down 0.40% to 321,700 won. ETH alone is up 0.28% to 6,375,000 won.
The weakness on this day is interpreted as a result of a surge in profit-taking, particularly in BTC. With the recent influx of funds into risky assets, BTC reached a record high of $125,965 on the 7th. This, coupled with a surge in selling by so-called "whales" (large cryptocurrency holders), has led to a short-term correction.
The recent rally in gold prices, which had been showing a coupling phenomenon, also had an impact. On the 9th (local time), the price of gold futures for December delivery on the New York Mercantile Exchange (COMEX) closed at $3,972.60 per ounce, down $97.90 (2.40%) from the previous trading day. This marked the first decline in five trading days, breaking the $4,000 level.
However, the possibility of additional interest rate cuts in the US remains, and there's a possibility that funds will flow back into risky assets after a short-term correction. In an interview with the New York Times on the 9th (local time), New York Federal Reserve Bank President John Williams stated his support for further rate cuts this year. While he noted that the specific number of rate cuts would depend on data, he explained that the overall direction is accommodative.
The fear and greed index from virtual asset data analysis company Alternative.me stood at 70 points as of the 9th, indicating "greed." A reading closer to 0 indicates a weakening of investor sentiment, while a reading closer to 100 indicates overheated markets.
- Reporter Park Min-joo
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