Bitcoin Trades Sideways Around $78,000; Market Watches U.S. Buyback and Middle East Crisis [Crypto Briefing]

[Financial News] Bitcoin is trading sideways around $78,000. The market is watching the scale of the U.S. government’s long-term Treasury buyback and developments in the Middle East.
According to CoinMarketCap, a global virtual asset information platform, Bitcoin was trading around $78,000 as of 10 a.m. on the 10th, down 0.65% from the previous day on a 24-hour basis. Bitcoin has risen 1.59% over the past week.
Bitcoin is trading around 106 million won in the Korean won market. The Korea premium stands at 1.35%, according to Cryprice, a global platform for comparing virtual asset market conditions.
The U.S. Department of the Treasury plans to purchase Treasury securities with 10 to 20 years remaining to maturity through a Treasury buyback beginning on the 10th local time. The market is closely watching the actual purchase volume. It is generally expected to range from $5 billion to $6 billion, although some analysts believe the program could reach as much as $8 billion. The buyback could improve market liquidity and affect Bitcoin prices.
Rising international oil prices amid growing geopolitical uncertainty stemming from the Middle East are also shaking the virtual asset market. November-delivery Brent Crude Oil on ICE Futures Europe rose 3.36% from the previous session on the 9th local time to $101.21 per barrel, marking its highest closing price since May 22.
The United States Central Command (CENTCOM) said on the 8th local time that it had destroyed five Iranian tankers in response to an attack by the Islamic Revolutionary Guard Corps (IRGC) on a U.S. military vessel. Tensions in the Middle East are rising again, with Iran also carrying out retaliatory actions.
The Crypto Fear and Greed Index provided by CoinMarketCap stood at 70 that day, indicating “Greed.” The index ranges from 0 to 100: a figure closer to 0 is interpreted as “Extreme Fear,” while one closer to 100 indicates “Extreme Greed.”
At the same time, Ethereum was trading around $2,468, down 1.08% from the previous day. Ripple (XRP) was trading around $1.38, down 2.29%.

[email protected] Lim Sang-hyuk Reporter