[Bitcoin Now] Anticipated US Interest Rate Hike Boosts Investor Sentiment... Trading Volume Up 70%

[Asia Economy Reporter Lee Jung-yoon] Following the increase in the U.S. benchmark interest rate, the New York stock market has shown an upward trend, and the price of the representative cryptocurrency Bitcoin is also rising.

According to the global cryptocurrency market status relay site CoinMarketCap as of 10:40 a.m. on the 17th, the price of Bitcoin recorded $40,961 (approximately 50.14 million KRW), up 4.24% compared to the previous day.

The price of Bitcoin is rising as the U.S. stock market climbed on the 16th (local time) after the Federal Reserve raised the benchmark interest rate by 0.25%, bringing relief that uncertainties have been removed. The Nasdaq index, which is technology stock-centered and has recently shown synchronization with Bitcoin prices, closed at 13,436.55, up 487.93 points (3.77%) from the previous session. Although cryptocurrency investment sentiment was once dampened due to expectations of the U.S. interest rate hike the day before, risk alleviation revived investor sentiment.

Trading volume is also surging. According to CoinMarketCap, the 24-hour Bitcoin trading volume increased by 69.72% compared to the previous day, totaling $39,492,504,075 (approximately 48.3507 trillion KRW).

Upbit operator Dunamu’s Digital Asset Fear & Greed Index recorded 49.94, indicating a 'neutral' stage. Compared to 41.33 (neutral) on the 10th, a week ago, it rose by 8.61. Dunamu’s Digital Asset Fear & Greed Index is divided into stages of 'Extreme Fear (0?20)', 'Fear (20?40)', 'Neutral (40?60)', 'Greed (60?80)', and 'Extreme Greed (80?100)'. The greed direction means increased interest in buying among market participants, whereas moving toward fear indicates a fear of asset decline, leading to market exits and a chain reaction of price drops.