Bitcoin, down 4.48% to $60,895
Grayscale “Bitcoin is attractive in times of geopolitical crisis”
Bitcoin plunged more than 4% due to concerns about war in the Middle East, falling to the 81 million won range. It is analyzed that this is because, unlike gold and U.S. Treasury bonds, which are representative safe assets, investment attractiveness has decreased in times of geopolitical crisis.
As of 8:50 a.m. on the 2nd, Bitcoin recorded 81.57 million won on Bithumb, a domestic virtual asset exchange, down 1.86% from 24 hours ago.
At the same time, it was traded at 81.59 million won on Upbit, down 2.55%. CoinMarketCap, a virtual asset market relay site, showed $60,895, down 4.48% from 24 hours ago.
Ethereum also plummeted. At the same time, Ethereum fell 2.92% to 3.28 million won on Bithumb, and 4.36% fell 4.36% to 3.28 million won on Upbit. On CoinMarketCap, it was traded at $2,453, down 5.57%.
Ethereum is an altcoin (alternative coin), an alternative virtual asset other than Bitcoin. Its market capitalization is the second largest after Bitcoin.
The kimchi premium rose to the 1% level. Kimchi Premium refers to the difference in the domestic and international prices of Bitcoin. According to CryPrice, a global virtual asset market comparison platform, the Bitcoin kimchi premium is 1.16% as of 8:56 am on this day.
On this day, the virtual asset market faltered as tensions in the Middle East increased. Recently, Bitcoin surpassed 87 million won and the entire market showed signs of recovery, but it collapsed due to this geopolitical risk. Altcoins with high volatility, such as Mimcoin and Layer 1 Coin, which had soared so far, recorded a decline rate of around 7%.
Analysis suggests that this is an effect of virtual assets such as Bitcoin being classified as risky assets. Jack Pan, head of Grayscale Research, said on the 1st (local time), “Bitcoin has received attention as a means of storing value against inflation, but it is not being adopted as a safe asset in times of geopolitical crisis.” “When concerns grow, we rely on traditional assets such as gold and U.S. Treasury bonds,” he diagnosed.
He continued, “If Bitcoin is adopted as a reserve asset by central banks and governments, it can establish itself as a safe asset, but it still has a long way to go compared to government bonds or gold.”
There were also predictions that there would be an upward trend as we enter the fourth quarter, a historically strong market. K33 Research said in a report that day, “The U.S. Federal Reserve’s (Fed) policy shift has already gained momentum. In addition, China’s efforts to expand liquidity are likely to promote global market activity, he said, adding, “The virtual asset market, especially Bitcoin, will show strength after the fourth quarter.”
Meanwhile, the ‘Fear and Greed Index’ compiled by Alternative, a global virtual asset data research company, recorded 42 points on this day, indicating a ‘Fear’ level. This figure is lower than the previous day (50, neutral). The closer the index is to 0, the more extreme fear it is, and the closer it is to 100, the more extreme optimism it is.
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2024-10-02 00:42:33