title: Bitcoin Recovers to the $80000 Mark Despite Fake News

Bitcoin, which had been plunging, recovered to the $80,000 mark despite fake news.

Bitcoin prices recovered to the $80,000 mark despite fake news of a 90-day grace period for tariffs.

As Bitcoin rebounded, the total market capitalization of virtual assets also succeeded in recovering about $150 billion against the low point.

As volatility has increased recently, transactions on the domestic virtual asset exchange have also increased by nearly 400%.

Bitcoin is trading at $79,079 as of 10:15 a.m. on the 8th, up 0.34% from 24 hours ago.

Since then, it has risen slightly and exceeded the $80,000 mark.

Bitcoin plunged to $74,500 around 4 p.m. the previous day, but recovered in the evening.

Bitcoin once soared to $80,000 shortly after the opening hours of Nasdaq, with news that President Donald Trump was considering a 90-day grace period for tariffs on the world.

However, it was later revealed that it was fake news and returned some of the rise.

Nevertheless, Bitcoin continued its upward trend and is currently trading in the $79,000 range.

Fake news of the tariff suspension spread after news broke that White House Economic Adviser Kevin Hastett was considering a 90-day temporary suspension of tariffs on all countries except China.

The news spread around the world as Reuters and Sputnik each reported in breaking news earlier in the day, citing CNBC, an economic broadcaster.

The misinformation is said to have been caused by some misrepresentation of Kevin Hashitt's interview with the chairman of the National Economic Council (NEC).

When he was asked about the content in an interview with Fox News, the exclamation "Yes" was misrepresented.

"It's up to the president to decide," he said after the exclamation.

Due to such fake news, all risky assets, including the U.S. stock market and virtual asset market, fluctuated, resulting in a sharp increase in transaction value.

According to CoinGecko, the price of the country's top five coin exchanges in 24 hours on the 7th was $6.78 billion, up 368% from $1.447.53 billion recorded on the 5th.

This is the highest number since the 4th of last month.

In the meantime, Bitcoin's trading volume has plunged as it has been on the decline, but it has temporarily rebounded sharply as the market has soared.

However, market sentiment is still not good.

According to virtual asset analysis company Alternative, the Fear and Greed Index for Bitcoin recorded 24 on the same day, indicating "extreme fear."

This index is expressed between 0 and 100, and 25 or less corresponds to extreme fear.

There are various interpretations of the rebound in the market.

Even at the time of COVID-19, bitcoin prices rose 20 times after forming a bottom, said Michael van de Pope, founder of MN Capital. "There is a high possibility of a rebound this time."

"After the tariff announcement, Bitcoin has shown a rebound when traditional risky assets falter," Binance said in a recent report. "It is noteworthy whether Bitcoin will maintain its attractiveness as a non-sovereign asset amid global protectionism."

On the other hand, Mike McGlone, chief commodities strategist at Bloomberg, said, "U.S. President Donald Trump's tariff war is deepening the market sell-off."

"There is a possibility that it will fall to up to $10,000 due to excessive speculation and overestimation," he said.