While the stock price of Coinbase, the largest cryptocurrency exchange in the United States, reached an all-time high during trading, major cryptocurrencies are showing a downward trend. Volatility has increased ahead of a large-scale options expiration day.
According to CoinMarketCap, a global cryptocurrency market tracking site, as of 8 AM on the 27th, Bitcoin (BTC) dropped 0.26% to $107,041.25. At the same time, Ethereum (ETH) is down 0.10% at $2,414.89, XRP is down 3.14% at $2.113, and Solana (SOL) is down 2.70% at $139.35.
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The domestic market shows a similar trend. Based on Bithumb, BTC recorded 147,139,000 won, down 0.22%. ETH is down 1.07% at 3,322,000 won, XRP is down 0.34% at 2,902 won, and SOL is down 2.60% at 191,200 won.
On this day, the cryptocurrency market showed a mixed flow with the US stock market. Coinbase reached an intraday all-time high of $375 early in the trading session. This is above the previous closing high of $357 recorded in November 2021. The analysis suggests that the stock price rise was driven by expectations of institutionalization as the US Senate passed a stablecoin regulation bill.
On the same day, the Dow Jones Industrial Average closed at 43,386.84, up 404.41 points (0.94%) from the previous session. The S&P 500 index rose 48.86 points (0.80%) to 6,141.02, and the Nasdaq Composite index increased 194.36 points (0.97%) to 20,167.91.
In contrast, cryptocurrencies showed weakness. This is due to increased volatility ahead of a large-scale options expiration day. According to Deribit, the world's largest cryptocurrency derivatives exchange, options worth approximately $15 billion (about 20.3775 trillion won) are expected to be settled on the 27th (local time).
Cryptocurrency investment sentiment has recovered. The Fear and Greed Index from cryptocurrency data analysis firm Alternative.me rose 8 points from the previous day to 74 points, maintaining a state of 'greed'. This index indicates that the closer it is to 0, the more investment sentiment is suppressed, and the closer it is to 100, the more it indicates market overheating.
- Reporter Do Ye-ri
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