Bitcoin (BTC) has fallen below $88,000, reflecting weakened investor sentiment ahead of a major macroeconomic event.
According to CoinMarketCap, a global cryptocurrency market monitoring site, as of 8:00 AM on the 15th, BTC was trading at $88,217.18, down 1.41% from the previous 24 hours. Ethereum (ETH) also fell 1.41% to $3,046.57. XRP fell 1.58% to $1.987, and Binance Coin (BNB) fell 1.98% to $877.18. Solana (SOL) is trading at $129.89, down 2.03%.
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The domestic market is showing a similar pattern. At the same time, BTC was trading at 132,233,000 won on Bithumb, down 0.64% from the previous day. ETH was trading at 4,607,000 won, down 0.19%, and XRP was trading at 2,983 won, up 0.03%.
Analysts are suggesting that market position adjustments are continuing ahead of the release of key macroeconomic indicators scheduled for this week. In the US, the November employment figures are scheduled for the 16th, and the November Consumer Price Index (CPI) is scheduled for the 18th. Depending on the results, expectations regarding the path of the benchmark interest rate could be adjusted, potentially impacting the cryptocurrency market.
Overseas central bank policies are also considered a variable. With the Bank of Japan (BOJ)'s monetary policy meeting approaching, the possibility of a base rate hike is being discussed, raising concerns about a possible decline in the yen carry trade. The yen carry trade involves borrowing ultra-low-interest Japanese yen and investing in high-yield, risky assets such as dollar assets, stocks, and cryptocurrencies. If Japanese interest rates rise, borrowing costs and foreign exchange losses will increase, potentially leading to the withdrawal of carry trade funds. This is seen as a potential factor that could increase the overall volatility of global risky assets.
Cryptocurrency investor sentiment remains at a state of "extreme fear." The fear and greed index from cryptocurrency data analysis firm Alternative.me fell two points from the previous day to 21. A reading closer to zero indicates a weakened investor sentiment, while a reading closer to 100 indicates overheated markets.
- Reporter Do Ye-ri
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