Bitcoin has recovered to the $78,000 range after stabilizing around $77,000. The upward trend follows the U.S. Treasury's announcement of bond purchases.
As of 8 a.m. on August 25, Bitcoin was trading at $78,727, up 1.45% from the previous day, according to global cryptocurrency market site CoinMarketCap.
After surpassing the $79,000 mark on August 21, Bitcoin entered a period of consolidation around $77,000 but has shown signs of a slight rebound.
Recent gains in Bitcoin are attributed to a recovery in investor sentiment following the U.S. Treasury's bond purchase announcement. CoinMarketCap's 'CMC Crypto Fear and Greed Index' indicated a level of 80, reflecting extreme greed.
Ray Dalio, founder of the world's largest hedge fund Bridgewater Associates, warned that a debt crisis could emerge within three years for the U.S. federal government, advising investors to reduce their bond holdings and increase their allocations in gold and a small amount of Bitcoin.
Major altcoins generally showed an upward trend. Ethereum was trading at $2,474, up 0.78% from the previous day. Solana rose 1.97% to $97.45. The stablecoin Tether remained unchanged at $0.99. In contrast, Ripple (XRP) fell 2.53% to $1.47.
Meanwhile, as of 8 a.m., Bitcoin was trading at 10,826,900 won (approximately $78,285) on the domestic exchange Bithumb, reflecting a decrease of 0.82% from the previous day. The 'Kimchi Premium' was recorded at -0.494%, indicating that the price of Bitcoin traded domestically is lower than that in international markets.
* This article has been translated by AI.
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