The cryptocurrency market is mixed as the US stock market plunged after US House Speaker Nancy Pelosi’s visit to Taiwan. Bitcoin is consolidating around $23,000.
According to CoinMarketCap, a cryptocurrency market site on the 3rd, at 8:30 a.m. on the same day, Bitcoin was traded at $23,102, down 1.2% from 24 hours ago. Bitcoin has fallen more than 51% this year.
The price of Ethereum stopped the downward trend at $ 1,641, up 0.3% from the previous day. Major altcoins were bearish. Ada fell 2.6%, while Polkadot and Avalanche fell 3% and 2%, respectively. Dogecoin also fell about 2%.
The domestic bitcoin price was 30.80 million won based on Upbit, which was around 30 million won. Ethereum traded at 2,195,000 won, up 1.3%, and Ethereum Classic, up 6%. Ada fell 1.7%.
Bitcoin and Ethereum also swayed as US stocks fell on concerns that House Speaker Pelosi’s visit to Taiwan could escalate tensions between the US and China. Recently, the price of Bitcoin has been rising and falling in a narrow range as trading volume has decreased.
Although Bitcoin has been off to a bearish start this month, there are also predictions that it will rebound in the future. Although the US Federal Reserve is still tightening policy, the fact that Fed Chairman Jerome Powell may slow rate hikes is interpreting the fact that we are in the second half of a bear market.
As it was announced earlier that the U.S. economy continued to show negative growth in the second quarter (-0.9%) following the first quarter (-1.6%), fears that it might eventually fall into a recession are spreading. US President Joe Biden, ahead of the November midterm elections, is refusing to argue about a recession based on employment data. “The unemployment rate is only 3.6%, close to full employment, and more than 1 million jobs were created in the second quarter alone,” Biden said in a statement.