As the fatigue from Donald Trump's tariff policy continues and the U.S. stock market remains sluggish, Bitcoin (BTC) is also forming a box range, unable to break out of the $87,000 level.
According to CoinMarketCap, a global virtual asset market tracking site, BTC was trading at $87,361.66 on the morning of the 28th, up 0.59% from the previous day. At the same time, the altcoin leader Ethereum (ETH) was trading at $2,008.22, up 0.36%. XRP and Solana (SOL) were trading at $2.35 and $138.94, up 0.18% and 1.50% respectively.
At the same time, on the domestic exchange Bithumb, BTC recorded 129,025,000 won, up 0.17% from the previous day. ETH was trading at 2,961,000 won, down 1.04%, XRP at 3,457 won, down 0.95%, and SOL at 205,200 won, down 0.63%.
Analysts suggest that the uncertainty of President Trump's tariff policy is affecting investor sentiment. After announcing a 25% tariff on all imported cars and car parts, the Nasdaq and S&P 500 indices simultaneously declined. Trump then posted on social media that he would impose larger tariffs on the European Union (EU) and Canada if they cause economic damage to the U.S., while also mentioning that the "mutual tariff proposal" to be announced on the 2nd of next month could be "very generous," further causing market confusion. After the stock market declined, the virtual asset market also underwent a collective adjustment and has been unable to break out of the $87,000 range.
There are also expectations of a rise due to large-scale Bitcoin purchases by whale investors. Coindesk reported that according to blockchain analysis company Glassnode, whale investors have purchased 129,000 BTC since the 11th of this month. This amounts to approximately $11.2 billion (about 16 trillion won), the largest cumulative amount since August of last year.
Meanwhile, the Crypto Fear and Greed Index by alternative asset data analysis company Alternative.me dropped 7 points to 40 points, transitioning to a "fear" state. This index indicates that the lower the number is close to 0, the more contracted the investment sentiment, and the closer to 100, the more overheated the market is.
- Reporter Shin Jung-seop
- jseop@sedaily.com
< Copyright ⓒ Decenter, reproduction and redistribution prohibited >
