FOMC minutes will be released on the 21st to gauge US monetary policy.
There is growing caution among investors and the market is trending sideways.
'Pro-cryptocurrency' Milais elected President of Argentina
Despite BTC's 3% rebound in the morning, the gains were quickly returned due to caution.
Bitcoin rose about 3% in the morning on the news that Javier Millais, an Argentine far-right politician who clearly revealed his pro-cryptocurrency tendencies, was elected President of Argentina. However, deep-seated caution among investors quickly blocked Bitcoin's rebound.
Since the direction of the Federal Reserve's monetary policy in the future can be estimated based on the minutes, the opinion that "let's determine the direction after properly confirming the Federal Reserve's stance" has become mainstream among investors.
The sense of caution that formed before the FOMC announcement affected not only Bitcoin but also altcoins. Except for a few altcoins that showed pumping, most altcoins also fell or continued to trend sideways.
◇Bitcoin = As of Upbit at 5 p.m. on the 20th, the price of Bitcoin (BTC) is recording 49.7 million won. Bitcoin market share (dominance) was 52.51%.
Opinions were raised both inside and outside the market that Bitcoin would begin adjustment before the launch of the spot exchange-traded fund (ETF).
Mike Belsch, CEO of cryptocurrency exchange BitGo, predicted in an interview with Bloomberg on the 19th that the market would face a major shock as approval for several Bitcoin spot ETFs was rejected before the launch of the Bitcoin spot ETF.
He explained, “The SEC has consistently stated its position to separate cryptocurrency exchanges and custodians,” and “the SEC wants to resolve this condition before approval.” He continued, “Currently, a large number of applications have been received and are awaiting review results, and as the SEC needs time to resolve the issue, it is expected that several applications will be rejected.”
The SEC has not permitted the approval of a Bitcoin spot ETF for the past several years. The SEC's refusal to approve the Bitcoin spot ETF caused a slight decline in the price of Bitcoin with each announcement. The recent Bitcoin price raised expectations that it would play a significant role in changing the status of Bitcoin after the launch of the Bitcoin spot ETF, but as approval was canceled within the year, disappointing listings poured in.
◇ Rising coin = The cryptocurrency that rose most steeply on the 20th was ELF, which rose by about 11% based on Upbit.
ELF Coin is one of the 3rd generation blockchain platform coins developed to solve the blockchain problems of Bitcoin and Ethereum, which aim for blockchain-based Linux operating systems.
ElfCoin supports smart contracts with cloud computing and is used for smart control, system operation, and upgrade resource costs.
◇Fear and Greed Index = The cryptocurrency fear-greed index provided by Alternative is 69 points, entering the ‘Greed’ stage. 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@
