Bitcoin Falls Below $70,000 Amid Slowing U.S. Consumption, Trades Around $68,000 [Crypto Briefing]

According to Financial News, Bitcoin fell to around $68,000 on the 11th. The move is seen as reflecting concerns over an economic slowdown after U.S. consumption indicators weakened.
Data from global digital asset information platform CoinMarketCap shows that as of 10:30 a.m. that day, Bitcoin was trading around $68,000, down 1.94% over the past 24 hours. Bitcoin has dropped 9.7% over the past week.
In the KRW market, Bitcoin is trading around 102.35 million won. Based on global digital asset price comparison platform Cryprice, the Korea premium stands at 1.68%.
Weaker-than-expected U.S. retail sales for December last year have weighed on investor sentiment. The U.S. Department of Commerce announced on the 10th (local time) that December retail sales were flat from the previous month, effectively showing 0% growth. This fell short of the market forecast for a 0.4% increase.
Markets are increasingly worried that U.S. economic growth has entered a slowdown phase. Year-end is typically the peak consumption season in the United States, yet spending failed to increase during this period.
Lee Sung-hoon, a researcher at KIWOOM Securities, stated, “U.S. retail sales for December last year came in weaker than market expectations, stoking concerns about the economy,” adding, “Recent comments by Kevin Hassett, director of the White House National Economic Council, warning of slower employment due to demographic headwinds and only modest productivity gains have also heightened fears of an employment shock.”
Investor sentiment remains depressed. The CoinMarketCap Crypto Fear and Greed Index stood at 9 that day, signaling “extreme fear,” down from 10 the previous day. The index ranges from 0 to 100, with readings closer to 0 indicating extreme fear and those near 100 pointing to extreme greed.
Around the same time, Ethereum was trading near $2,017, down 4.55% from the previous day. Ripple (XRP) was at about $1.40, a decline of 2.72%.

yimsh0214@fnnews.com Lim Sang-hyuk Reporter