Bitcoin Drops to $112,000 Level... “After Rate Cuts and US-China Summit, What’s Next?” [Crypto Briefing]

[Financial News] On the 29th, Bitcoin (BTC) fell to the $112,000 level. Despite the upcoming decision on interest rate cuts by the Federal Reserve System (Fed) and the US-China summit, the lack of further positive catalysts is seen as the reason for the decline.
According to global digital asset data platform CoinMarketCap, as of 10:20 a.m. today, BTC was trading at around $112,000, down 1.64% over the past 24 hours. BTC had climbed to the $115,000 range the previous day but entered a downward trend today.
In the Korean won market, BTC is trading at approximately 167 million won. According to global asset comparison platform Cryprice, the Korea premium stands at 4.12%.
Meanwhile, the New York Stock Exchange (NYSE) continued its record-breaking rally the previous day. Despite concerns about an artificial intelligence (AI) bubble, Nvidia Corporation surged over 5% after announcing a partnership with Finland’s Nokia Corporation. On the 28th (local time), the Dow Jones Industrial Average (DJIA) rose 0.34% to 47,706.37, the S&P 500 Index (S&P 500) climbed 0.23% to 6,890.89, and the Nasdaq Stock Market (Nasdaq) jumped 0.80% to close at 23,827.49.
In contrast, despite expectations for a rate cut—which has been a positive factor for the digital asset market—and the anticipated US-China summit at the Asia-Pacific Economic Cooperation (APEC) meeting in Gyeongju on the 30th, the market remains weak. Analysts note that optimism over these two factors has already been priced in, and there is a lack of additional drivers for further gains. Alongside digital assets, international gold prices have also fallen by about 10% compared to the peak on the 20th.
At the same time, Ethereum was trading at around $3,979, down 0.22% from the previous day. XRP fell 1.02% to approximately $2.61.

yimsh0214@fnnews.com Im Sang-hyuk Reporter