Bitcoin (BTC) continued its upward trend, surpassing the 150 million won mark again for the first time in about three weeks.
As of 8:50 a.m. on the 7th, Bitcoin was traded at 150 million won on Upbit, a domestic digital asset (virtual asset) exchange, up 3.66% (5.3 million won) from 24 hours ago. During the same period, CoinMarketCap, a global digital asset market data platform, rose 3.72% to $102,231. As Bitcoin crossed the $100,000 mark, the prices of other digital assets also rose. The CoinDesk 20 index, which indexes 20 major digital assets, including Bitcoin, also rose 1.73%.
According to Coinglass, about $60.25 million (about 88.1 billion won) of Bitcoin has been liquidated in the past 24 hours, of which short (sell) positions accounted for about 59%. During the period, the total amount of digital asset liquidation amounted to about $226.13 million (about 330.8 billion won).
The price increase is interpreted as the effect of the US Congress officially certifying President-elect Trump's victory in the presidential election. The U.S. Congress held a joint session of the House and Senate on June 6 (local time) to officially certify President-elect Donald Trump's victory in the presidential election. With prices rising and President-elect Trump's inauguration just around the corner, the market is increasingly optimistic. Standard Charters predicts that Bitcoin could reach $200,000 this year.
Axel Adler Jr., an analyst at CryptoQuant, also argued that "90% of Bitcoin's supply is currently profitable" and that "unless the unthinkable happens, the decline will be minimal."
Along with the optimistic outlook, Bitcoin demand is also solidly supported. MicroStrategy bought an additional 1,020 BTC on Dec. 6, while Cooler Technology, a Texas-based energy management company, bought an additional $21 million worth of Bitcoin.
In addition, the Bitcoin spot exchange-traded index (ETF) saw a net inflow of $908 million (about 1.3283 trillion won) on the 10th, reinforcing this trend. James Van Stratton, senior analyst at CoinDesk, said: "The recent price rebound has been driven more by spot buying than by the futures market."
However, Marcus Thielen, founder of 10x Research, said, "Sell-offs could increase ahead of the Federal Reserve (Fed) meeting in January, especially if inflation concerns escalate."
On the other hand, the fear of alternatives, which indicates the investor sentiment of the digital asset market,The Fear &Greed index scored 78 points (greed) on the day, a slight increase from the previous day (76 points). Alternative Horror·The closer the Greed Index is to 0, the stronger the sell-off by investors, and the closer it is to 100, the higher the tendency to buy.
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