Bitcoin edges higher on bargain buying, trades around $63,000 [Crypto Briefing]

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\r\n[Financial News] Bitcoin is trading around $63,000 on the 5th, after edging higher on bargain buying.
According to global crypto data platform CoinMarketCap, Bitcoin was trading around $63,000 as of 10:40 a.m., up 0.74% from the previous day on a 24-hour basis. Bitcoin has fallen 13.81% over the past week.
Bitcoin is trading around 94 million won in the Korean won market. Based on global crypto price comparison platform Cryprice, the Korea premium stood at -3.44%.
The recent sharp drop in Bitcoin appears to have drawn bargain hunters. Bitcoin fell to around $62,000 the previous day. After slipping below the $70,000 mark on the 2nd, it has remained on a downward trend. It was the first time in two months, since April, that Bitcoin had fallen below $70,000.
Institutional funds have continued to leave the market. According to CoinMarketCap, institutions posted net selling in Spot Bitcoin ETFs for 14 consecutive trading days from the 15th of last month through the previous day.
CoinMarketCap's 'Crypto Fear and Greed Index' stood at 18 on the day, indicating 'extreme fear.' The index ranges from 0 to 100, with values closer to 0 interpreted as 'extreme fear' and those closer to 100 as 'extreme greed.'
At the same time, Ethereum was trading around $1,752, down 1.49% from the previous day. Ripple (XRP) was trading around $1.15, down 1.74%.
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yimsh0214@fnnews.com Lim Sang-hyeok Reporter