Bitcoin entered the weekend after repeatedly fluctuating in the $80,000 range. Interest rate burdens are constraining risk asset investment sentiment, and a sideways trend is continuing across the broader cryptocurrency market.
As of 4 p.m. on the 23rd (all times Korea Standard Time), Bitcoin was priced at $81,805 on global cryptocurrency market data platform CoinMarketCap, down 0.43% from a week earlier. The domestic trading price stood at 109.3 million won on Upbit, forming 0.61% higher than on Binance.
Ethereum recorded $2,405 over the same period, down 1.87%. CoinMarketCap’s “Fear and Greed Index,” which approaches zero as investment sentiment weakens, fell by three points in a week to 48 out of 100, but maintained the “Neutral” stage.
The cryptocurrency market gave back its gains after rebounding on the 22nd. During the week, Bitcoin moved between $80,000 and $84,000.
Kim Ji-won, a researcher at KB Securities, stated, “Bitcoin exceeded $84,000 and Ethereum surpassed $2,500 on expectations that the U.S. and Iran would resume peace negotiations and strong earnings from artificial intelligence (AI) companies. However, cryptocurrencies turned to a simultaneous decline as AI investment skepticism reignited and the NASDAQ index plunged sharply,” adding, “Tech stock investment sentiment and interest rate burdens appear to be determining whether the rebound will sustain.”
She then noted, “The inclusion of blockchain in the regulated sector and the expansion of products by institutional investors continued,” stating, “JPMorgan launched its Ethereum deposit token, JPM Coin, and BlackRock applied for the listing of a downside-protected Bitcoin exchange-traded fund (ETF),” adding, “The U.S. Office of the Comptroller of the Currency (OCC) finalized the final regulations for the implementation of the Genius Act, accelerating the institutionalization of stablecoins.”
The altcoin market cooled sharply. Among the top 100 stocks by market capitalization compiled by Zangle at 9 a.m. that day, only Litter (LIT · 12.07%) exceeded a weekly return of 10%.
Kim Jun-seong, a researcher at Zangle, stated, “Although funds flowed into Bitcoin spot ETFs during the week, the cryptocurrency rebound was not sustained amid tech stock instability,” adding, “It is necessary to check together whether tech stock volatility has subsided and whether supply and demand for Bitcoin ETFs continue to improve.”
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