Major cryptocurrencies are rebounding as the mutual tariff announcement by Donald Trump's administration approaches. This is interpreted as an influence from the mixed but ultimately rising U.S. stock market.
According to CoinMarketCap, a global cryptocurrency market tracking site, as of 8 AM on the same day, Bitcoin (BTC) was trading at $85,103.19, up 3.29% from the previous day. At the same time, Ethereum (ETH), the leading altcoin, recorded $1,911.85, a 4.8% increase. XRP rose 2.98% to $2.14 per coin.
On the domestic exchange Bithumb, BTC recorded 126,418,000 won, up 1.10% from the previous day. ETH rose 1.54% to 2,841,000 won, while XRP was trading at 3,185 won, down 0.19%.
This is interpreted as an influence from the New York stock market closing higher ahead of the mutual tariff announcement. On the 1st (local time), the S&P 500 closed at 5,633.07, up 21.22 points (+0.38%), and the Nasdaq Composite, centered on tech stocks, closed at 17,449.89, up 150.60 points (+0.87%). The Dow Jones Industrial Average closed at 41,989.96, down 11.80 points (-0.03%), the only index to close lower, which was largely due to Johnson & Johnson's stock falling 7.59%.
The New York stock market's rise despite tariff concerns is analyzed as an expectation that uncertainty will decrease once the tariffs are announced. The United States will announce mutual tariffs at 4 PM local time on the 2nd, which is 5 AM Korean time on the 3rd, and will immediately implement them.
Meanwhile, the Crypto Fear and Greed Index from cryptocurrency data analysis company Alternative.me remains at 34 points, maintaining a state of fear. This index means that the closer it is to 0, the more investment sentiment is suppressed, and the closer it is to 100, the more market overheating is indicated.
- Reporter Shin Jung-seop
- jseop@sedaily.com
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