Bitcoin Rises to the $78,000 Level on Dip-Buying Inflows [Crypto Briefing]

According to Financial News, Bitcoin climbed to the $78,000 level on the 3rd as dip-buying demand flowed in.
Global crypto data platform CoinMarketCap reported that as of 10:30 a.m. that day, Bitcoin was trading around $78,000, up 1.68% over the previous 24 hours. Over the past week, however, Bitcoin has fallen 10.82%.
In the Korean won market, Bitcoin is trading around 116 million won. Based on data from global crypto market comparison platform Cryprice, the Korea premium stands at 2.40%.
Bitcoin slipped below the $80,000 level after U.S. President Donald Trump nominated former Federal Reserve governor Kevin Warsh as the next chair of the Federal Reserve System (the Fed).
The decline came as markets grew concerned about weaker global liquidity, following reports that Warsh favors tighter monetary policy. However, after Bitcoin dropped to around $74,000 the previous day, some bargain-hunting emerged and the price staged a modest rebound.
Brokerage analysts believe a correction phase could continue for the time being. Hyeon Kyeong Yang, a researcher at iM Securities, explained, "With Kevin Warsh nominated, uncertainty over the future path of U.S. monetary policy is increasing," adding, "Expectations that the balance sheet reduction stance could be maintained or even strengthened have put upward pressure on the US Dollar Index (USDX), and this has weighed on alternative assets that typically benefit from a weaker dollar."
Investor sentiment has also chilled. The Crypto Fear and Greed Index provided by CoinMarketCap stood at 17 that day, indicating "extreme fear." The index ranges from 0 to 100, with readings near 0 interpreted as "extreme fear" and those near 100 as "extreme greed."
At the same time, Ethereum was trading around $2,346, up 2.14% from the previous day. Ripple (XRP) was changing hands near $1.61, a gain of 0.08%.

yimsh0214@fnnews.com Im Sang-hyuk Reporter