 ▲ Bitcoin (BTC) |
Cryptocurrency leader Bitcoin (BTC) is trading in the $67,000 range on the 12th (Korean time) ahead of the U.S. Federal Open Market Committee (FOMC).
The U.S. Federal Reserve (Fed) will begin its meeting today to decide whether to lower interest rates.
Singapore-based cryptocurrency trading company QCP Capital diagnosed on its official Telegram channel, "The cryptocurrency market has entered risk aversion mode ahead of the U.S. Consumer Price Index (CPI) announcement and the FOMC meeting."
The delay in final approval of the Ethereum (ETH) spot ETF is also interpreted as bad news.
Cryptocurrency market analysis company 10X Research said in a report today, “Despite the forecast that an interest rate cut is expected in September, BTC is moving to liquidate long positions due to the influence of U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler’s remarks that approval of the ETH spot ETF will take time. “It appears that the price of ETH/BTC is also continuing to decline.”
Weakening investment sentiment was also cited as a cause of the recent Bitcoin bear market.
CryptoQuant contributor Crypto Dan diagnosed, “After Bitcoin recently failed to surpass $72,000, the investment confidence of Bitcoin and altcoin market participants is dying.”
However, he added, “It is difficult to predict the exact time, but the adjustment period usually ends when the investment confidence has greatly decreased, as it is now.”
Meanwhile, cryptocurrency on-chain analyst Willy Woo said through “It’s not a situation to be worried about,” he said, expressing optimism.
He said the previous day, “BTC is in the process of weeding out inefficient miners after the halving, and the price will rebound after they surrender (sell).”
Cryptocurrency trading platform Hyblock also supported optimism, saying through
As of 7:56 p.m. on the 12th, Korean time, the price of Bitcoin, the No. 1 cryptocurrency in market capitalization, is recording $67,964, up 1.58% from 24 hours ago according to CoinMarketCap.
