Bitcoin is currently trading around $85,000. The rise in major U.S. stock indices has diverted investment demand away from cryptocurrencies, limiting Bitcoin's price increase.
According to CoinMarketCap, as of 8 a.m. on October 7, Bitcoin was trading at $85,522, down 0.46% from the previous day.
Most major altcoins also showed weakness. Ethereum fell 0.71% to $2,696, while Ripple (XRP) dropped 0.79% to $1.49. Binance Coin (BNB) was down 1.09% at $779. In contrast, Solana saw a slight increase of 0.16%, reaching $120.
Market analysts believe that the strength of the New York Stock Exchange is one of the factors limiting the gains in the cryptocurrency market. On October 6, the stock market rose sharply ahead of the third-quarter earnings season, fueled by growing expectations for corporate performance. The S&P 500 and Nasdaq Composite both reached all-time highs, while the Dow Jones Industrial Average closed up 253.38 points (0.49%) at 51,521.28.
However, investor sentiment in the cryptocurrency market remains relatively strong. The perception that the U.S. Federal Reserve is unlikely to raise interest rates further is supporting risk asset investment sentiment.
The Fear and Greed Index, which reflects sentiment in the cryptocurrency market, remained in the 'Greed' phase at 67 points. A score closer to 100 indicates that investor sentiment is overheated, increasing the likelihood of price corrections.
Meanwhile, in the domestic cryptocurrency exchange, Bitcoin was trading at 115.89 million won (approximately $86,485), down 0.70% from the previous day. The 'Kimchi Premium,' which indicates the degree to which domestic prices are higher than international prices, was recorded at 1.346%.
* This article has been translated by AI.
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