Bitcoin Surges to $77,500 Amid U.S. Stock Market Rally

Coiners Briefing [Photo=Ajou Economics DB]

Bitcoin and other major virtual assets continued their upward trend. Analysts attribute this rise to the strong performance of the U.S. stock market and ongoing inflows into Bitcoin spot exchange-traded funds (ETFs), which have boosted investor appetite for riskier assets.

According to CoinMarketCap, as of 8 a.m. on May 22, Bitcoin was trading at $77,547, up 0.19% from the previous day.

Ethereum also saw a slight increase of 0.23%, reaching $2,129. Binance Coin (BNB), Solana, and Ripple (XRP) recorded gains of 1.29%, 1.37%, and 0.47%, trading at $656, $87, and $1.37, respectively.

Market analysts suggest that the bullish sentiment in the U.S. stock market has improved investor confidence, leading to increased buying activity across the virtual asset market, particularly with the inflow of funds into Bitcoin spot ETFs. Additionally, expectations for the regulation of virtual assets in the U.S. and a favorable policy environment have further fueled this risk-on sentiment.

As of 8 a.m. on the same day, Bitcoin was trading at approximately 115.18 million won ($77,604) on the domestic exchange Bithumb, marking a 0.57% increase from the previous day. The 'Kimchi Premium' stood at -1.454%, indicating that the price of Bitcoin in South Korea is lower than that in international markets.

* This article has been translated by AI.

Lee Seongjin leesj@ajunews.com