[Bitcoin Now] Oversold - Slight Rebound on Buyback... Recovering $20,000

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Lee Myunghwan] Bitcoin prices, which had been plummeting due to the hawkish remarks of Jerome Powell, Chairman of the U.S. Federal Reserve (Fed), rebounded and returned to the $20,000 level.

According to the global cryptocurrency market tracking site CoinMarketCap, as of 11:23 a.m. on the 30th, the price of Bitcoin was recorded at $20,152 (approximately 27.18 million KRW), up 2.52% from the previous day.

Bitcoin prices, which had recently fallen sharply, appear to be slightly rebounding as some buying pressure emerges while digesting the effects of Chairman Powell's speech at the Jackson Hole meeting. Cryptocurrency specialized media CoinDesk noted, "There is a lack of significant economic indicators on the 29th (local time), resulting in a volatile market."

However, warnings have been issued that Bitcoin price volatility may temporarily increase due to variables such as the U.S. August Consumer Price Index (CPI). Luke Farrell, a trader at cryptocurrency trading firm GSR, said, "Next month, there are events such as the August CPI release, the Ethereum merge, and the Federal Open Market Committee (FOMC) meeting," adding, "Volatility may increase further in the short term."

Major altcoins also rose accordingly. At the same time, Ethereum recorded $1,530 (approximately 2.06 million KRW), up 6.3% from the previous day, returning to the $1,500 level. Solana also rose 5.41% to $31.99 (approximately 43,160 KRW).

Investor sentiment has also somewhat eased. According to cryptocurrency data provider Alternative, the Fear & Greed Index, which indicates investor sentiment as an index, was recorded at 27 points (fear), up 3 points from 24 points (extreme fear) the previous day. Alternative's Fear & Greed Index means that the closer to 0 points, the more extreme the fear and pessimism about investment, and the closer to 100 points, the more optimistic the sentiment.