[Young journalist Hansae Jung] As geopolitical uncertainty surrounding the Iran war continues, the cryptocurrency market is once again showing a weakening trend.

As of 8:10 a.m. on the 6th, Bitcoin was trading at 104,394,000 KRW on the cryptocurrency exchange Bithumb, down 1.85% compared to 24 hours earlier.

In U.S. doller terms, Bitcoin maintained the $70,000 range, but was trading at around $71,201, which is 2.04% lower than 24 hours earlier.

Major altcoins are also declining. Ethereum fell 1.80%, Solana declined 2.17%, and XRP fell 2.04%, as they continued the downward trend.

As there are no indications of the Iran war easing in the near term, the U.S. stock market fell overall, while oil prices increased. However, the Nasdaq Composite limited part of its decline thanks to its strong performance in software stocks. 

According to the cryptocurrency market comparison platform Cryprice, Bitcoin’s Kimchi Premium stood at as -0.72% on this day. A negative Kimchi Premium means that Bitcoin is trading at a lower price in South Korea than in overseas markets.

The Crypto Fear & Greed Index, which reflects market sentiment in the cryptocurrency market, recorded 22 points, which indicated a level of ‘extreme fear’. The closer the index is to 0, the more fearful the market is, meaning investors are more likely to engage in heavy selling, and when the index is near 100, it suggests the market is being driven by greed, which increases the likelihood of a price correction.

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