Bitcoin has been blocked by pressure from US regulators. Unlike the US stock market, which rallied on expectations of the debt ceiling negotiations, it fell by nearly 2%.
As of 8:50 am on the 19th, Bitcoin recorded 36.2 million won, down 1.42% from 24 hours ago, on Bithumb, a domestic virtual asset exchange. At the same time, Upbit traded at 36.23 million won, down 1.38%. CoinMarketCap, a virtual asset market relay site, showed $26,827, down 2.06% from 24 hours ago.
Ethereum is also down slightly. At the same time, Ethereum recorded 2.42 million won, down 0.86% from Bithumb, and 2.43 million won, down 0.57% from Upbit. On CoinMarketCap, it traded at $1,799, down 1.18%. Ethereum has the second largest market capitalization among altcoins (alternative coins), which are alternative virtual assets other than Bitcoin.
Analysts say that the decline on this day was influenced by the strengthening of regulations by the US authorities. CoinDesk, a media specializing in virtual assets, diagnosed that “Recently, US regulators are strengthening regulations on virtual assets every day,” and “the decline on this day originated from this.”
In particular, on this day, a form of decoupling (decoupling) with the US stock market appeared. The US stock market rose at once due to the possibility of debt ceiling negotiations, but Bitcoin turned down. This seems to reflect Bitcoin’s tendency to interpret ‘default (default)’ that occurs as a result of a failure to negotiate a debt ceiling as a good thing. Standard Chartered (SC), a British global financial company, predicted that “if a default occurs, Bitcoin will be able to rise by about 70% from its current level.”
On this day, the New York stock market rose all at once on expectations of debt ceiling negotiations. The Dow rose 0.34% and the S&P 500 rose 0.94%. The Nasdaq index, which is known to be closely linked to the virtual asset market, jumped 1.51%.
Meanwhile, the ‘Fear/Greed Index’ compiled by Alternative, a global virtual asset data research company, recorded 48 points on the day, indicating a ‘Neutral’ level. This is a lower figure than the previous day (51, neutral). The index indicates that the market sentiment is closer to extreme fear as it approaches 0, and as it approaches 100, it means extreme optimism.
Source: Donga
Mark Jones is a world traveler and journalist for News Rebeat. With a curious mind and a love of adventure, Mark brings a unique perspective to the latest global events and provides in-depth and thought-provoking coverage of the world at large.