"Bitcoin is stagnating, altcoins are rising"

BTC falls to $88,000 due to hawkish remarks by Powell
Altcoins rise on hints of Gensler's resignation
XRP leads the uptrend, rising about 16% from the previous day
Experts maintain long-term optimism despite BTC's decline

The rise of Bitcoin (BTC) has stalled, while altcoins have risen.

The soaring price of Bitcoin was limited by the hawkish remarks of Jerome Powell, the chairman of the US Federal Reserve (Fed). On the 14th, at an event hosted by the Dallas Fed, Powell said, "The US economy is not showing any signs that it needs to hurry to cut interest rates."

In response to this direct message that it would limit interest rate cuts, Bitcoin fell to $88,000.

As Gary Gensler, the chairman of the US Securities and Exchange Commission (SEC), hinted at his voluntary resignation, altcoins, especially Ripple (XRP), led the market's rise.

On the 14th, at the 56th Annual Securities Conference hosted by the non-profit educational organization 'Practicing Law Institute', Gensler said, "It was a great honor to work with excellent people and to participate in the work of maintaining the United States' global leadership in capital markets."

Gensler's remarks, which seemed to reflect on his tenure as SEC chairman, led to a surge of about 16% in Ripple, which had been the biggest victim of Gensler's claim that "most altcoins other than Bitcoin are securities."

The market trend, which had seen Bitcoin rise and altcoins stagnate, has reversed.

◇Bitcoin = As of 4 pm on the 15th, based on Upbit, the price of Bitcoin is 12,511 million won. Bitcoin's market dominance is 60.91%.

According to on-chain analysis platform Glassnode, the long (bullish) and short (bearish) betting ratios in the Bitcoin futures market were 52.88% and 47.12%, respectively.

Despite Bitcoin's decline, optimism about Bitcoin has not waned.

Mike Colonnese, an analyst at global investment bank H.C. Wainwright, said, "The positive sentiment is expected to continue until the end of this year," and "Bitcoin could reach $100,000 by the end of this year."

Mike Novogratz, CEO of Galaxy Digital, said, "It would be wise for the US government to buy more Bitcoin to show the world its determination to become a leading cryptocurrency country," and "Bitcoin has the potential to reach $500,000."

◇Rising Coins = As of 4 pm on the 15th, based on Upbit, the cryptocurrency that recorded the largest increase from the previous trading day was MVL, which rose about 18.96%.

MVL is a blockchain-based integrated mobility ecosystem that connects various service areas in the mobility field. The vast data of MVL users is managed on the blockchain, and as a result, it is transparently and fairly distributed to users through the MVL coin.

The MVL token is used as a reward for transactions or platform data provision within the ecosystem.

◇Fear and Greed Index = The Cryptocurrency Fear and Greed Index provided by Alternative is at 80 points, entering the 'Extreme Greed' stage. Extreme greed is a stage of rising accompanied by high trading volume and strong volatility. The possibility of market exodus at the peak is high, so it can be considered a sell-off zone for institutions.

The Cryptocurrency Relative Strength Index (RSI) provided by Glassnode is 54.4, indicating a 'neutral' state. RSI measures the relative strength of the upward and downward pressures of a specific asset price, and indicates the overbought and oversold levels of the asset.