Nasdaq breaks 25,000, coin market cheers… Bitcoin targets $80,000?

Crypto market brightens amid US stock market upturn and falling oil prices… Bitcoin surpasses $78,000

▲ Bitcoin (BTC), Nasdaq (NASDAQ)/ChatGPT Generated Image ©

The global virtual asset market is showing a clear recovery, buoyed by the New York stock market's record highs and easing geopolitical risks from the Middle East. Bitcoin (BTC), the leading cryptocurrency, has swiftly reclaimed the $78,000 mark, spearheading a market-wide rally.

Major Virtual Asset Market Trends based on CoinMarketCap

As of 7:05 AM KST on the 2nd, according to CoinMarketCap, a global virtual asset market data aggregator, the total virtual asset market capitalization has increased by 1.47% from the previous day, reaching $2.59 trillion. The 'Fear & Greed Index,' which indicates investor sentiment, stands at 44 (Neutral), showing a move towards stability away from the extreme fear zone.

Bitcoin is trading at $78,234.63, up 2.61% from 24 hours ago, demonstrating strong upward momentum. Altcoins are also showing accompanying strength. Ethereum (ETH) is up 1.66% to $2,293.44, and XRP is up 1.64% to $1.38. Notably, meme coin leader Dogecoin (DOGE) saw a significant increase of 2.76% to $0.1092, and Hyperliquid (HYPE) surged 3.83% to $41.02.

Bull Market Background: Big Tech's Strong Earnings and Easing Middle East Tensions

The current bullish trend in the virtual asset market is attributed to a combination of favorable macroeconomic indicators and easing geopolitical tensions.

On the 1st (local time) in the New York stock market, the technology-heavy Nasdaq index broke the 25,000 mark (25,114.44, +0.89%) for the first time in history, driven by Apple's 'surprise earnings' and the Magnificent 7 (M7) companies' strong AI-driven profit generation capabilities. The S&P 500 index also hit a record high for two consecutive days at 7,230.12 (+0.29%). This positive momentum from US big tech companies strongly boosted risk asset preference across the board.

Furthermore, news that Iran delivered a new negotiation proposal for ending the war to the US via Pakistan brought relief to suppressed investor sentiment. As a result, international oil prices (Brent crude $108.17, -2.0% / WTI $101.94, -2.98%) showed signs of stabilization, easing inflation concerns, which also acted as a positive catalyst for the virtual asset market.

Future Outlook: Robust Momentum Coexisting with Caution

Experts believe that the bullish momentum in the virtual asset market is likely to continue in May, driven by better-than-expected corporate earnings and the ongoing growth of the AI industry. They analyze that substantial liquidity from the stock market and a preference for risk assets could steadily flow into the virtual asset market.

However, the embers of geopolitical risk have not been completely extinguished. US President Donald Trump has drawn a line, stating he is "not satisfied" with Iran's new negotiation proposal. Therefore, short-term market volatility could expand based on news flow during the ongoing tug-of-war between the two nations. As CoinMarketCap's Fear & Greed Index is still in a 'Neutral' state (44) and has not yet entered the 'Greed' phase, investors are advised to approach cautiously, closely monitoring macroeconomic indicators and changes in the Middle East situation.

*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*