Bitcoin Extends Slide to Around $72,000, $70,000 Level Also at Risk [Crypto Briefing]

[Financial News] Bitcoin fell to around $72,000 on the 5th, putting even the $70,000 level at risk.
According to global crypto data platform CoinMarketCap, Bitcoin was trading at around $72,000 as of 10:20 a.m. that day, down 5.25% over the past 24 hours. Over the past week, Bitcoin has dropped 18.33%.
In the won market, Bitcoin is trading at around 107.5 million won. Based on global crypto market comparison platform Cryprice, the Korea premium stands at 0.89%.
Bitcoin’s downward trend has continued recently. It is now at its lowest level since November 2024, and compared with its all-time high of around $126,100 on October 7 last year, the price has fallen about 43% in four months.
Some observers are warning that Bitcoin’s sharp decline could spill over into a broader crisis in global financial markets. Short seller Michael Burry wrote on newsletter platform Substack on the 2nd (local time), "If Bitcoin falls another 10%, MicroStrategy, which holds large Bitcoin reserves, will plunge into billions of dollars in losses, and that could lead to capital markets effectively shutting down."
Market sentiment is also in a state of "extreme fear." The CoinMarketCap Crypto Fear and Greed Index stood at 11 that day, signaling "extreme fear," down from 14 the previous day. The index ranges from 0 to 100, with readings closer to 0 indicating extreme fear and those near 100 interpreted as extreme greed.
Hong Jin-hyun, a researcher at Samsung Securities, noted, "The market has already entered a correction phase, and as the Federal Reserve System (Fed) kept its policy rate unchanged and concerns over geopolitical risks intensified, investors have clearly shifted away from risk assets." He added, "Investor sentiment remains negative, so it is difficult to view this as a short-term bottom, and a cautious approach is warranted at this stage."
At the same time, Ethereum was trading around $2,138, down 5.70% from the previous day. Ripple (XRP) was at about $1.46, a decline of 7.83%.

yimsh0214@fnnews.com Reporter Lim Sang-hyuk Reporter