Bitcoin Retreats to the 94 Million Won Range as Fear Index Hits 'Extreme Fear'

[Financial News] Bitcoin is continuing to weaken around the 94 million won level. U.S. tech stocks have rebounded, helping sentiment recover somewhat, but capital inflows into the cryptocurrency market remain limited.
As of 10:19 a.m. on the 9th, Bitcoin was trading at 93.97 million won on the cryptocurrency exchange Bithumb, down 1.85% from 24 hours earlier. On global market tracker CoinMarketCap, it was trading at around $62,650.
Overnight, the New York stock market rebounded as bargain hunting emerged, especially in tech and semiconductor stocks that had plunged the previous week. Micron Technology, which fell 13% in a single day in the prior session, rose 9.9% on the day. Major semiconductor names such as NVIDIA and Broadcom also posted gains, helping lift investor sentiment. However, the Dow Jones Industrial Average (DJIA), which has a heavier weighting in defensive stocks, ended the session slightly lower.
Newsis News Agency reported, citing CoinDesk, that Strategy, led by Michael Saylor, bought an additional 1,550 Bitcoins. Strategy had increased downward pressure on the cryptocurrency market last week after revealing plans to sell Bitcoin, but the latest purchase appeared to signal a shift in tone. Its stock also rose 5.6%.
According to the cryptocurrency comparison platform Cryprice, Bitcoin's Kimchi premium stood at -1.51% on the day. A negative Kimchi premium means that Bitcoin prices in South Korea are lower than those overseas.
The Fear and Greed Index, which measures sentiment in the cryptocurrency market, came in at 8, indicating 'extreme fear.' The closer the index is to 0, the more fearful the market is and the more likely investors are to engage in overselling. When the figure approaches 100, it is interpreted as a sign of greed, with a higher chance of a correction.
bng@fnnews.com Kim Hee-sun Reporter