[Bitcoin Now] Decline Stabilizes... Back to the $19,000 Range

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Myunghwan Lee] Bitcoin prices have stopped declining and are rising. This comes just one day after a downward trend caused by the U.S. Federal Reserve's (Fed) third consecutive 'Giant Step' decision (a 0.75 percentage point increase in the benchmark interest rate at once).

According to the global cryptocurrency market tracking site CoinMarketCap, as of 11:30 a.m. on the 23rd, Bitcoin was priced at $19,031 (approximately 27.2 million KRW), up 4.37% from the previous day.

Bitcoin prices appear to have rebounded due to a surge in bargain buying. Recently, Bitcoin had been on a downward curve amid caution ahead of the U.S. Federal Open Market Committee (FOMC) meeting. Bitcoin, which was around $20,000 on the 19th, fell to the low $18,000 range following the Fed's Giant Step decision.

Major altcoins also joined the upward trend. Ethereum, which successfully completed the Merge update, is trading at $1,328 (approximately 1.87 million KRW), up 5.95% from the previous day. Solana also rose 4.61% from the previous day to $32.46 (approximately 45,700 KRW).

However, since the Fed may still raise benchmark interest rates further, there are forecasts that additional rebounds in the cryptocurrency market will not be easy. Joe DiPascal, CEO of BitBull Capital, stated, "If the Fed maintains a hawkish stance, the market is likely to remain silent until inflation figures begin to improve."

Meanwhile, according to the cryptocurrency data provider Alternative, the Fear & Greed Index, which measures investor sentiment, dropped 2 points from 22 (extreme fear) the previous day to 20 (extreme fear) on this day. Alternative's Fear & Greed Index ranges from 0, indicating extreme fear and pessimism about investing, to 100, indicating optimism.