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[Virtual Asset Market Conditions] Boost from New York Stock Market's All-Time High Rally... Bitcoin Stabilizes at $76,000, Showing a 'Slightly Bullish' Trend
▲ Bitcoin (BTC), Nasdaq (NASDAQ) / ChatGPT Generated Image ©
Driven by the New York stock market's record-breaking rally and the easing of geopolitical risks in the Middle East, Bitcoin, the leading virtual asset, is maintaining the $76,000 level, showing an overall slightly bullish trend.
Key Virtual Asset Market Data
As of 7:04 AM on the 1st, the global virtual asset market capitalization recorded $2.55 trillion, an increase of 0.38% compared to the previous day.
The Fear & Greed Index, which indicates market investor sentiment, pointed to 40 (Neutral), showing a somewhat calmer state from extreme fear.
Bitcoin (BTC) is trading at $76,251.57, up 0.49% from 24 hours ago.
Ethereum (ETH), the leading altcoin, recorded $2,256.07, up 0.19% from 24 hours ago.
Major altcoins XRP and Solana (SOL) showed a slightly bearish trend, falling by 0.20% and 0.01% respectively.
In contrast, meme coin Dogecoin (DOGE) rose 3.09% over 24 hours, showing the most significant increase among the top 10 coins.
Background of the Slightly Bullish Market: US Stock Market Rally and Easing Geopolitical Risks
The main reason the virtual asset market regained a stable trend is that the positive momentum in the New York stock market overnight generally stimulated risk asset preference. On the 30th (local time) in the New York stock market, the S&P 500 index (up 1.02%) and the Nasdaq index (up 0.89%) reached record highs based on closing prices. The Dow Jones Industrial Average also closed at 49,652.14, up 1.62% from the previous session.
Underlying this explosive stock market rally is the easing of geopolitical risks. Since US President Donald Trump announced on the 27th of last month that attacks on Iranian power plants and energy facilities would be suspended, the market has seen a sharp relief rally.
Furthermore, strong consecutive earnings from big tech companies, particularly those centered around the artificial intelligence (AI) industry, strongly boosted investor sentiment. Google's parent company, Alphabet, saw its stock price surge by 9.96%, driven by high revenue growth in its cloud business and an upward revision of its capital investment outlook for this year. Although the preliminary estimate for the US GDP growth rate in the first quarter of this year was 2.0%, slightly below Wall Street's forecast of 2.2%, the fact that AI infrastructure investment led growth, showing a clear recovery compared to the fourth quarter of last year (0.5%), also had a positive impact on the market.
Future Outlook
Market experts evaluate that if the positive macroeconomic momentum continues for a while, there is sufficient room for further upside in asset markets. Chris Zacarelli, Chief Investment Officer (CIO) at Northlight Asset Management, predicted, "As long as the economy continues to grow and companies make profits, despite high oil prices and inflation concerns, we will likely see stock prices rise."
The virtual asset market is also highly likely to align with this macroeconomic relief and the big tech-led rally atmosphere. If the current situation, where the huge uncertainty of war recedes and economic fundamentals are supported, is maintained, Bitcoin is expected to conclude its current consolidation and secure momentum for another significant upward rally with the inflow of additional buying.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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