Bitcoin's price has recovered to the $77,000 range. This rebound is attributed to improved investor sentiment towards risk assets, fueled by growing expectations for negotiations between the United States and Iran, which have also led to a decline in international oil prices.
According to CoinMarketCap, as of 8 a.m. on November 4, Bitcoin was trading at $77,779, up 1.38% from the previous day. It had dipped to the $76,000 range the day before but managed to recover some of its losses.
Major altcoins also saw gains. Ethereum, the second-largest cryptocurrency by market capitalization, was trading at $2,290.44, up 1.68% from 24 hours earlier. Ripple (XRP) rose 2.51% to $1.27, while Solana increased by 1.64% to $93.58. Binance Coin (BNB) also saw a 0.29% rise, trading at $700.18.
Market analysts believe that the expectations surrounding U.S.-Iran negotiations have influenced these price movements. According to Yonhap News, Majed Al Ansari, spokesperson for the Qatari Foreign Ministry, stated on November 3 that "the Qatari mediation team that visited Tehran has returned to Doha, and dialogue between the two sides is ongoing."
He added, "Efforts to narrow differences are currently underway, and there has been clear progress in the discussions," noting that both the U.S. and Iran are committed to the mediation process and are reviewing proposals.
The optimism surrounding negotiations has also contributed to a drop in international oil prices. On November 3, Brent crude oil futures, a benchmark for international prices, closed at $103.60 per barrel, down 1.12% from the previous trading day. The decline in oil prices has alleviated some inflation concerns, positively impacting investor sentiment towards risk assets. The Nasdaq composite index rose 0.83% overnight on Wall Street, while the S&P 500 gained 0.36%.
However, it remains uncertain whether Bitcoin can maintain its upward momentum due to ongoing uncertainties surrounding U.S.-Iran negotiations. A senior Iranian official told Reuters on November 3 that "the two countries have not reached an agreement to end the war." Military tensions have not fully dissipated, as the U.S. has conducted limited strikes on Iran's Geshm Island. The potential for renewed conflict between the two nations following the U.S. midterm elections is also seen as a source of market anxiety.
The aftermath of the Binance hacking incident continues to be felt. According to Yonhap News, domestic blockchain analysis firm Cloint has confirmed that virtual assets stolen from Binance have been traced to 100 wallet addresses not included in the FBI's public list. Analysts suggest that the movement and recovery of these stolen funds could be pivotal for the future of the cryptocurrency market.
The CoinMarketCap Fear and Greed Index, which reflects investor sentiment, remains at 36, indicating a state of 'fear.' Although prices have rebounded, investor caution remains high.
Meanwhile, at the same time, Bitcoin was trading at 1,008,800 won on Bithumb, up 0.40% from the previous day. The 'Kimchi premium,' which indicates the price difference between domestic and international markets, was recorded at 0.40%.
* This article has been translated by AI.
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