Bitcoin Retreats to the $82,000 Level Amid Profit-Taking and Rising Global Oil Prices [Crypto Briefing]

[Financial News] Bitcoin fell to the $82,000 level as profit-taking emerged and rising global oil prices heightened inflation concerns.
According to CoinMarketCap, a global crypto asset information platform, Bitcoin was trading around $82,000 as of 10:25 a.m. on the 29th, down 1.43% from the previous day over a 24-hour period.
Bitcoin was trading around 112 million won in the Korean won market. According to Cryprice, a global platform for comparing crypto market conditions, the Korean premium stood at -0.12%.
After briefly rising to around $87,000 on the 23rd, Bitcoin held between $83,000 and $84,000 before falling to around $82,000 on the afternoon of the previous day.
Market watchers believe profit-taking selling has emerged as Bitcoin surpassed the $80,000 level for the first time in four months since May. Institutional inflows have also stalled. According to CoinMarketCap, institutions made net purchases of Bitcoin exchange-traded funds (ETFs) for seven consecutive trading days from the 17th through the 25th, but recorded net sales of $12.9 million the previous day.
Global oil prices and U.S. Treasury yields are also rising amid heightened military tensions between the United States and Iran. On the 28th local time, West Texas Intermediate crude oil (WTI) futures rose about 2% to $93.91 per barrel. The yield on 30-year U.S. Treasury bonds also rose about 4 basis points (1 bp = 0.01 percentage point) to 5.544% that day.
The Crypto Fear and Greed Index provided by CoinMarketCap stood at 67 that day, indicating "Greed." The index ranges from 0 to 100. Scores closer to 0 are interpreted as "Extreme Fear," while those closer to 100 indicate "Extreme Greed."
At the same time, Ethereum was trading around $2,664, down 0.40% from the previous day. Ripple (XRP) was trading around $1.47, down 2.40%.

[email protected] Lim Sang-hyuk Reporter