Bitcoin has rebounded. Despite ongoing geopolitical tensions in the Middle East, the limited impact of additional negative factors has led to a slight recovery in investor sentiment towards risk assets.
According to CoinMarketCap, as of 8 a.m. on July 10, Bitcoin was trading at $63,168, up 1.56% from the previous day.
The price of Ethereum rose 0.53% to $1,746. Binance Coin (BNB) and Solana also saw increases of 0.57% and 0.98%, trading at $569 and $78, respectively. Ripple (XRP) was up 0.52% at $1.09.
Market analysts suggest that while tensions in the Middle East persist, concerns about further escalation have eased, contributing to a recovery in investor sentiment towards risk assets. Additionally, the steady inflow of institutional funds into U.S. Bitcoin spot exchange-traded funds (ETFs) has been cited as a supporting factor for prices.
However, the market anticipates continued high volatility in the near term. External variables, including the situation in the Middle East and the direction of U.S. Federal Reserve monetary policy, remain significant factors.
As of 8 a.m. on July 10, Bitcoin was trading at approximately 94,375,000 won ($63,208) on the domestic exchange Bithumb, reflecting a 0.18% increase from the previous day. The 'Kimchi Premium' stood at -0.902%, indicating that the price of Bitcoin in South Korea is lower than that in international markets.
* This article has been translated by AI.
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