[Bitcoin Now] Steady Ahead of July FOMC and Employment Data Release... "Further Decline Possible"

[Asia Economy Reporter Myunghwan Lee] The price of Bitcoin, the leading cryptocurrency, is showing a sideways trend ahead of the release of the U.S. Federal Reserve's Federal Open Market Committee (FOMC) minutes and U.S. employment data.

According to CoinMarketCap, a global cryptocurrency market tracking site, as of 10:45 a.m. on the 4th, the price of Bitcoin was recorded at $19,179 (approximately 24.88 million KRW), down 0.05% from the previous day.

Bitcoin prices appear to be holding steady ahead of the scheduled release of the FOMC minutes on the 6th and the U.S. employment data for June on the 8th.

Joe DiPascal, CEO of BitBull Capital, said, "The Fed has not shown positive signs ahead of the July FOMC, so Bitcoin prices are likely to fall to the mid-$10,000 range," adding, "Bitcoin was not very optimistic last month, and if no new measures come out of the FOMC this month, it will continue to remain unstable."

Possibility of further decline in Bitcoin prices was also raised. CEO DiPascal explained, "Bitcoin prices are showing some volatility and maintaining a bearish trend," adding, "At this point, Bitcoin prices are expected to fall further, but we are also closely monitoring the market's reaction."

Meanwhile, the Digital Asset Fear & Greed Index by Dunamu, which operates the domestic cryptocurrency exchange Upbit, recorded 28.32 on this day, indicating a 'Fear' stage. This is a decrease of 0.27 from 28.59 (Fear) a week ago. 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 indicates increased interest in buying by market participants, while moving toward fear indicates a fear of asset decline, causing market exits and a chain reaction of price drops.