Digital asset market frozen due to disappearance of interest rate cut expectations...no good news

Bitcoin and major altcoins have continued to trend sideways since the FOMC
Only a few altcoins with low market capitalization recorded increases of around 4%.
Gary Gensler: ETH spot ETF likely to be approved in summer
Kiyosaki: “If you want to become a millionaire, invest in BTC”

The digital asset (cryptocurrency) market continued its boring business as the expectations of a cut in the U.S. benchmark interest rate, which until recently had positively heated the digital asset (cryptocurrency) market atmosphere, virtually disappeared.

When the U.S. Federal Reserve (Fed) announced that it would limit the number of interest rate cuts within the year to one due to the still high inflation rate, investment in digital assets faded and this has continued for several days.

In a situation where there was no good news to stimulate the Bitcoin (BTC) market, the possibility of an official launch of an Ethereum (ETH) spot exchange-traded fund (ETF) this summer was mentioned, but the price of Ethereum did not rise despite the good news.

Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), attended the U.S. Senate Appropriations Committee hearing on the 13th and responded to a question about the approval of the Ethereum spot ETF, saying, "The Ethereum spot ETF S-1s was approved due to the applicant's document modifications and the SEC's document review. “The approval date is expected to be this summer,” he said. The period usually referred to as summer in the United States is June to August.

While major altcoins, including Bitcoin and Ethereum, moved sideways, a few altcoins with lower market capitalizations rose by about 4%.

◇Bitcoin = As of 5 PM on the 14th, the price of Bitcoin (BTC) is 94.91 million won as of Upbit. Bitcoin market share (dominance) was 55.47%.

Despite Bitcoin's sideways trend, experts argued for Bitcoin's long-term rise.

Best-selling author Robert Kiyosaki once again asserted his bullish stance on Bitcoin. Kiyosaki emphasized, “The easiest way to become a millionaire is to invest in Bitcoin.”

Robert Kiyosaki explained to the X account, “If you want to make money, investors need to pay attention to Bitcoin.” “It’s quite difficult to make millions as an entrepreneur,” he said. “I know from experience, you have to be really smart, dedicated and lucky to become a millionaire with your own business.”

He added, “The reason I invest in Bitcoin is because Bitcoin does difficult work for me,” and “This is why I continue to emphasize and love Bitcoin.”

◇ Rising Coin = As of Upbit at 5pm on the 14th, the digital asset that recorded the largest increase compared to the previous trading day was BORA, which rose by about 7%.

Bora, a representative native non-fungible token (NFT), is attracting attention as a decentralized digital currency based on blockchain technology.

The Bora project aims to develop a comprehensive game and content platform that provides functions such as NFT marketplace, AMM DEX, and community in order to revitalize the blockchain game ecosystem consisting of the game player token economy.

◇Fear and Greed Index = The cryptocurrency fear-greed index provided by Alternative has entered the ‘Greed’ stage with 74 points. The greed stage is the stage where price volatility and trading volume increase, and is the stage where prices rise. There is a high possibility of a short-term peak forming, so one must be cautious when selling.

Reporter Seungwon Kwon ksw@