Bitcoin Takes a Hit: Cryptocurrency Giant Falls Below $64K Amid Ongoing Market Stalemate

[뉴욕 = 장도선 특파원] Cryptocurrency markets are holding their ground ahead of the New York Stock Exchange opening on the 25th, with a slight pullback from the previous night. They continue to move within a relatively narrow range.

Some altcoins, such as Solana, Cardano, and Chainlink, are performing relatively well compared to Bitcoin and Ethereum.

As the global interest rate cut trend becomes clear, with China following the US in easing its monetary policy, it is supporting risky assets such as cryptocurrencies. However, concerns about an economic downturn have not completely disappeared, which is limiting the market’s full recovery. The September plunge in the Conference Board’s US consumer confidence index, announced yesterday, is analyzed as reflecting such concerns among consumers.

Uncertainty surrounding the U.S. presidential election, geopolitical tensions, and the possibility of additional liquidation of the yen carry trade remain potential market pressures. It is pointed out that further recovery in the cryptocurrency market will require new catalysts, such as data supporting the prospect of a soft landing for the U.S. economy.

Bitcoin and Ethereum spot ETFs listed on the U.S. stock market recorded relatively large inflows of funds on Tuesday.

As of 8:20 a.m. on the 25th, New York time, the cryptocurrency market capitalization on CoinMarketCap was $2.24 trillion, up 0.46% from 24 hours ago. It is the same level as the closing time of the New York Stock Exchange the previous day. The 24-hour trading volume of the cryptocurrency market was $73.7 billion, up 7.24%. Bitcoin dominance was 56.2%, and Ethereum dominance was 14.1%. The fear and greed index of the cryptocurrency market is neutral at 53, up 2 points from the previous day.

CoinMarketCap (8:20 AM New York Time on the 20th)

At this time, Bitcoin is up 0.38% from 24 hours ago at $63,809 on CoinMarketCap. Bitcoin has retreated from its overnight high of $64,804.50. Bitcoin has been in a correction since its all-time high of $73,750.07 on March 14. Ethereum is down 0.52% at $2,625. The previous day’s high was $2,672.46. Ethereum’s all-time high was $4,891.70 on November 16, 2021.

Other altcoins in the top 10 by market cap are all up except for BNB, which is down 1.32% from the previous 24 hours. Solana is up 2.62%, XRP is up 0.40%, Dogecoin is up 0.28%, TON is up 2.15%, and Cardano is up 3.40%. Solana’s overnight high was $153.55.

Bitcoin futures for September delivery on the Chicago Mercantile Exchange (CME) fell 0.97% to $63,835, October futures fell 0.93% to $64,255, and November futures fell 1.26% to $64,540. Ethereum for September delivery fell 1.04% to $2,628.50, and October futures fell 1.01% to $2,647.00. November futures advanced 0.71% to $2,712.00.

The dollar index is flat at 100.43, according to Wall Street Journal data. The yield on the 10-year Treasury note rose 4.0 basis points to 3.773 percent. The yield on the 2-year note, which is sensitive to the Fed’s interest rate policy, rose 3.4 basis points to 3.553 percent.

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