Expectations of a Fed rate cut are growing.
Ethereum and Solana show slight upward trends
Ethena records a differentiated upward trend
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The recently announced August nonfarm payrolls increased by only 22,000 jobs, significantly missing market expectations of 75,000, and the unemployment rate soared to 4.3%. As the labor market slowdown became more pronounced, the likelihood of a Federal Reserve interest rate cut increased, and risk appetite grew, driving Bitcoin buying.
On this day, Bitcoin maintained its bullish trend, holding the $110,000 (KRW 152.66 million) level, and was also traded around 155.2 million won in the domestic market. However, some experts warned of the possibility of a correction following the short-term surge, urging attention to the outcome of the Federal Reserve's September Federal Open Market Committee (FOMC) meeting.
The altcoin market generally exhibited a strong consolidation. Ethereum (ETH) rose slightly from the $4,298 (KRW 5.96 million) level, while Solana (SOL) and XRP also recorded limited gains. Conversely, some cryptocurrencies exhibited more divergent trends.
◇ Bitcoin = As of 4:00 PM on the 8th, Bitcoin was trading at 155.2 million won on Upbit. Bitcoin's market share (dominance) stood at 56.33%. According to on-chain analytics platform Sigbit, the long/short ratios in the Bitcoin futures market were 63.18% and 36.82%, respectively.
Experts analyzed that "Bitcoin will continue its short-term rise amid strong expectations of an interest rate cut, but caution should be taken regarding increased volatility due to uncertainty in the Federal Reserve's policy."
◇ Rising Coin = As of 4:00 PM on the 8th, the coin that recorded a larger increase than the previous trading day was Ethena (ENA), which rose by approximately 3.60%.
Ethena has recently seen increasing investment demand driven by expectations of expansion of the DeFi ecosystem and enhanced network usability.
◇ Fear and Greed Index = The digital asset fear and greed index provided by Alternative has reached 51 points, reaching the "Neutral" level. The neutral level represents a period of psychological resistance and support among market participants, and is where key decision-making processes for future price movements occur.
The cryptocurrency Relative Strength Index (RSI), provided by Sigbit, recorded a "neutral" reading of 53.3. The RSI measures the relative strength of upward and downward price pressures on an asset, indicating overbought and oversold levels for a specific asset.
Reporter Jeong Ha-yeon yomwork8824@blockstreet.co.kr
