Bitcoin, Ethereum, Altcoins Weaken
Coin market investment sentiment index “state of fear”
Whether to negotiate with Zelensky and Putin, the key in the next two weeks [Edaily Correspondent Choi Hoon-gil] The coin market is on the decline. This is because the asset market shrank as uncertainty about the Ukraine war increased.
Russian President Vladimir Putin and Ukraine President Volodymyr Zelensky.
According to CoinMarketCap, a cryptocurrency market site on the 21st, at around 8 am on the 21st, Bitcoin recorded $41,375, down 1.36% from the previous day. Ethereum is down 2.02%. Altcoins also fell by 1.10% for Ada and 3.76% for Avalanche. As of todays domestic Upbit standards, Bitcoin recorded 50.59 million won, down 1.30% from the previous day.
According to Alternative, a virtual asset data research company, the ‘fear and greed index’, which indicates investment sentiment in the coin market, recorded 31 as of the 20th. This is similar to the previous day. In the index, the closer the index goes to 0, the closer the market sentiment is to extreme fear, and the closer it is to 100, the more it means extreme optimism.
The ‘digital asset psychology index’ provided by Dunamu, which operates Upbit, was 50.63 points as of the 20th, indicating a ‘neutral’ level. This is slightly lower than the previous day. This index is for 111 coins listed on the Upbit KRW market before February 2021. A value of 0 indicates a contraction of the market as ‘very fear’, and a value of 100 indicates a boom in the market as ‘very greed’.
According to Coinwords, a cryptocurrency mining information site, the Bitcoin hash rate recorded 200.32 EH/s on the 20th. This is down from the day before. Hash rate refers to the computational processing power mobilized to mine Bitcoin. In general, the lower the hash rate, the lower the difficulty of mining, which increases the supply and increases the likelihood that the price of Bitcoin will fall.
War uncertainty seems to have influenced the coin price decline. Ukraines President Volodymyr Zelensky said in an interview with CNN that he was ready to negotiate with Russian President Vladimir Putin. “The next two weeks are very important,” said Jack Watling of the Royal Joint Military Institute, a British defense and security think tank.