Bitcoin fluctuates $4,000 a day... volatility increases

Source: DecenterKorea Original Title: Bitcoin Fluctuates $4,000 in a Day… Increased Volatility [Decenter Market News] Original Link: https://www.decenter.kr/NewsView/2H1P99LNPN/GZ03

As of 8 a.m. on the 12th, Bitcoin(BTC) recorded a decrease of 0.07% from the previous day, at 137.4 million KRW.

Bitcoin(BTC) experienced significant volatility, fluctuating over $4,000 within a day. BTC, which had dropped to the mid-$89,000 range around midnight, recovered to the $90,000 level as buy-in at the low price entered.

According to CoinMarketCap, a global cryptocurrency market data site, as of 8 a.m. on the 12th, BTC was traded at $92,276.57, down 0.33% from 24 hours earlier. Ethereum(ETH) also declined by 3.37%, trading at $3,235.94. XRP(XRP) fell by 1.07% to $2.032, Binance Coin(BNB) dropped 1.54% to $884.51. Solana(SOL) was traded at $135.99, down 1.12%.

The domestic market shows a similar trend. On local cryptocurrency exchanges, BTC declined by 0.07% from the previous day, recorded at 137 million KRW. ETH is trading at 481,500 KRW, down 3.27%, and XRP is trading at 3,023 KRW, down 1.08%.

Jasper de Maere, a desk strategist at a cryptocurrency trading firm, evaluated that the market trend reaffirmed the decoupling(decoupling) between cryptocurrencies and stock markets around macroeconomic events. Now, the focus should shift from Federal Reserve(Fed) and monetary policy to US cryptocurrency regulation as the key market variable.

He said, “In the past year, BTC has only outperformed Nasdaq on macro event days 18% of the time,” and “Although stocks rebounded yesterday, cryptocurrencies showed weakness, indicating that interest rate cuts are already priced into the market and no longer serve as a supporting factor.”

Market sentiment for cryptocurrencies remains in a ‘fear’ state. The Crypto Fear & Greed Index, from a data analysis firm, rose 3 points from the previous day to 29 points. This index indicates that the closer to 0, the more risk-averse investor sentiment is, while closer to 100 signals market overheating.