 ▲ Bitcoin (BTC) © Coin Leaders |
Cryptocurrency leader Bitcoin (BTC) is rebounding by about 1% as it enters a new week.
The price of Bitcoin fell by about 5% last week due to the U.S. Federal Reserve's hawkish (preferring monetary tightening) stance.
According to CoinGape, the price of Bitcoin continued its bearish rally last week, falling 5% from a weekly high of $70,059 to a weekly low of $65,267.
As of 9:25 a.m. on the 17th (Korean time), the price of BTC, the No. 1 cryptocurrency by market cap based on CoinMarketCap, is trading at $66,661, up 0.96% from 24 hours ago.
At the same time, Ethereum (ETH), the second-largest coin by market cap, is trading at $3,635, up 2.09%.
Cointelegraph said, “Bitcoin fell more than 4% last week, with selling forces showing active activity below $70,000. However, Bitcoin investors appear to be viewing this drop as a buying opportunity,” according to market intelligence firm Santiment. According to him, after Bitcoin fell to $66,600, the buying trend increased rapidly, while the selling trend was quiet.”
The media continued, “Even as Bitcoin is trying to find a short-term bottom, Ethereum is attempting to rebound after falling below $3,400 on June 14. Solid demand at low levels has led to the launch of an Ether spot exchange-traded fund (ETF). “This may be because it is expected,” Bloomberg ETF analyst Eric Balchunas added, adding that he expects the Ether ETF to begin trading as early as July 2.
Meanwhile, according to Cryptocurrency data provider Alternative's self-estimated 'Fear and Greed Index', the index recorded 71, the same as the previous day, and the greed phase continued. The closer the index is to 0, the more extreme market fear it is, and the closer it is to 100, the more extreme optimism it is.
