The cryptocurrency market, which had risen on expectations of trade negotiations between the US and China, has shifted to a mixed trend. While Bitcoin (BTC) showed a firm tone, major altcoins declined. Investors are maintaining a cautious attitude as the White House's trade agreement lacks specific details.
As of 8 AM on the 12th, according to CoinMarketCap, Bitcoin (BTC) was trading at $103,808.91, up 0.18% from the previous day. BTC, which had risen to the late $104,000 range the day before, subsequently declined slightly. In contrast, altcoins showed a uniform downward trend. Ethereum (ETH) fell 3.01% to $2,503.74, XRP dropped 3.37% to $2.365. Solana (SOL) is trading at $171.88, down 1.77%.
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Domestic exchanges showed an opposite trend. At the same time, BTC on Bithumb was down 0.30% to 145,143,000 won. ETH rose 0.69% to 3,501,000 won, XRP increased 0.21% to 3,307 won, and SOL went up 0.17% to 240,400 won.
The mixed trend appears to be due to both expectations of US-China trade negotiations and disappointment over the lack of specific agreement details. The White House announced on the 11th (local time) that they "made substantial progress in trade negotiations with China" and reached a trade agreement. However, the announcement did not include specific provisions or coordinated details, leading to skeptical views about its effectiveness in the market.
Cointelegraph noted, "Investors are paying attention to whether this negotiation can lead to a genuine trade agreement that can restore financial market confidence," while also pointing out that "many market participants suggest that this agreement may be more formal than substantive."
US Treasury Secretary Scott Bessent stated, "This agreement reflects a significant progress between the two countries" and "productive discussions took place during negotiations in Geneva, Switzerland." Detailed agreement details are expected to be announced on the 12th.
The Crypto Fear and Greed Index from alternative data provider Alternative.me remained unchanged at 70 points, indicating a state of 'greed'. 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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