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[Virtual Asset Market Conditions] New York Stock Market's All-Time High Rally Fuels Optimism… Bitcoin Settles at $76,000, Showing 'Slight Strength'
▲ Bitcoin (BTC), NASDAQ / ChatGPT Generated Image ©
Driven by the New York Stock Market's all-time high rally and the easing of geopolitical risks from the Middle East, the leading virtual asset, Bitcoin, is maintaining the $76,000 level, showing overall slight strength.
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% from the previous day.
The Fear & Greed Index, which indicates market investor sentiment, pointed to 40 (Neutral), showing a slight calming from an extreme fear phase.
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 slight weakness, falling by 0.20% and 0.01% respectively.
In contrast, meme coin Dogecoin (DOGE) rose by 3.09% over 24 hours, showing the most significant increase among the top 10 coins.
Background of the Slightly Strong Market: US Stock Rally and Easing Geopolitical Risks
The main reason the virtual asset market has regained stable momentum is that the tailwinds hitting the New York Stock Market overnight generally stimulated risk asset preferences. 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%) hit all-time closing highs. 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, the consecutive strong earnings of big tech companies, particularly in 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 Q1 GDP growth rate 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 Q4 last year (0.5%), also positively impacted the market.
Future Outlook
Market experts evaluate that if the macroeconomic tailwinds continue for some time, there is sufficient room for further upside in asset markets. Chris Zacarelli, CIO of Northlight Asset Management, predicted, "As long as the economy continues to grow and companies make profits, we will likely see stock prices rise despite concerns about high oil prices and inflation."
The virtual asset market is also highly likely to align with this macroeconomic relief and the big tech-led rally sentiment. If the current situation, where the immense uncertainty of war recedes and economic fundamentals are supported, persists, Bitcoin is expected to conclude its current consolidation of slight strength and secure momentum for another significant upward rally with the inflow of additional buying interest.
*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.*
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