Bitcoin fell slightly to 73 million won… A quiet cryptocurrency market
Long-term investors still holding bitcoin
[아시아경제 공병선 기자] The representative virtual currency (cryptocurrency) Bitcoin fell slightly to 73 million won. It is interpreted that the cryptocurrency market has become relatively quiet, with the digital asset sentiment index also heading towards neutral.
According to Upbit, a domestic cryptocurrency exchange, as of 12:12 pm on the 21st, Bitcoin recorded 73.25 million won, down 0.57% from the previous day. It rose to 74.09 million won the day before and rebounded, but has since slowed down.
Bitcoin has been showing no upward trend lately. On the 9th, the all-time high of 82.7 million won was raised, and expectations were high that it would go up, but it was quiet again. It also fell to 69.15 million won on the 19th. It is the first time in about a month since the 15th of last month that the price of Bitcoin reached the 60 million won level.
As Bitcoin’s volatility becomes smaller, the virtual currency market is also calming. According to Dunamu, the operator of Upbit, the digital asset sentiment index, fear and greed, recorded 53.13. This is a neutral level, and the interest in buying is neither greed nor fear of selling.
The trading value of cryptocurrency exchanges also decreased. According to CoinGecko, a cryptocurrency data company, on the 19th, Upbit’s 24-hour trading amount was $14.4 billion (about 17.136 trillion won). But that day, it fell to about 7.6 billion dollars. The same is true of the domestic cryptocurrency exchange Bithumb. The transaction value from about $2.6 billion on the 19th fell to $1.5 billion on the same day.
However, it is assumed that long-term investors still hold Bitcoin. According to cryptocurrency data company Glassnode on the 19th, long-term investors sold only 0.7% of their total holdings in the past month. This is equivalent to $100,000 worth of Bitcoin. Glassnode explained that “78.7% of the bitcoins held by long-term investors are in the profit realization zone.”
Byung-seon Gong, staff reporter [email protected]