Bitcoin (BTC) continued a strong and stable trend amid US dollar weakness and US-China conflicts over semiconductor export regulations. The market expects that BTC could launch another rally similar to the early 2023 macroeconomic environment.
According to the global virtual asset market site CoinMarketCap on the 17th at 8:01 AM, BTC was trading at $84,431.21, up 0.78% from the previous day. At the same time, Ethereum (ETH), the leading altcoin, recorded $1,587.02, down 0.19%. XRP rose 0.46% and was trading at $2.10 per coin.
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Major virtual asset prices are showing similar trends in domestic exchanges. Based on Bithumb, BTC recorded 122,383,000 won, down 0.20% from the previous day. ETH dropped 0.22% to 2,302,000 won, and XRP traded at 3,042 won, down 0.03%.
The market sees the US dollar weakness as a major supporting factor for BTC. On the 16th (local time), the Dollar Index (DXY) fell to 99.36, dropping below 100. Donald Trump's announcement of strengthening semiconductor export regulations to China and direct involvement in trade negotiations with Japan shook the overall foreign exchange market. On the same day, Fed Chair Powell clearly stated a hawkish stance, saying that "tariff increases could simultaneously cause growth slowdown and price increases," further increasing market uncertainty.
The New York stock market showed widespread weakness that day. The Dow Jones Industrial Average closed at 39,669.39, down 699.57 points (-1.73%) from the previous session. The S&P 500 index fell 2.24%, and the Nasdaq index plummeted 3.07%. While selling pressure poured in, especially for tech stocks, BTC maintained a relatively stable trend, moving away from risk-averse selling.
Andre Dragoshu, European Research Head at asset management firm Bitwise, said, "The dollar is still overvalued and has significant room for further decline," and "This could lead to a reevaluation of BTC's value." Trader 'Bitbul' also mentioned, "The macro environment is repeating similar to early 2023," and "At that time, BTC rose over 200% in a year."
The Crypto Fear and Greed Index from virtual asset data company Alternative.me dropped 9 points from the previous day to 29 points, maintaining a 'fear' state. This index means that the closer to 0, the more investment sentiment is suppressed, while closer to 100 indicates market overheating.
- Reporter Do Ye-ri
- yeri.do@sedaily.com
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