[Bitcoin Now] Sideways Movement Awaiting November FOMC... Maintaining $20,000 Range

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Lee Jung-yoon] Bitcoin prices are consolidating ahead of the Federal Reserve's (Fed) November Federal Open Market Committee (FOMC) regular meeting.

According to the global cryptocurrency market tracking site CoinMarketCap, as of 11:50 a.m. on the 1st, Bitcoin was priced at $20,546 (approximately 29.18 million KRW), up 0.18% from the previous day.

Bitcoin prices are consolidating while awaiting the FOMC. It is expected that the Fed will implement a giant step by raising the benchmark interest rate by 0.75 percentage points at the November FOMC. If a giant step is taken, the U.S. benchmark interest rate will be between 3.75% and 4.00%. Cryptocurrency specialized media CoinDesk reported, "Investors are focusing on the FOMC's interest rate hike."

The U.S. stock market, showing synchronization, closed lower. The Nasdaq index, centered on technology stocks, closed at 19,988.15, down 114.31 points (1.03%). The Dow Jones Industrial Average fell 128.85 points (0.39%) to 32,732.95, and the large-cap S&P 500 index closed at 3,871.98, down 29.08 points (0.75%).

As Bitcoin prices consolidate, cryptocurrency investor sentiment remained at a similar level to the previous day. According to cryptocurrency data provider Alternative, the Fear & Greed Index, which expresses investor sentiment as an index, was recorded at 30 points (fear), down 1 point from the previous day. Alternative’s Fear & Greed Index means that the closer to 0 points, the more extreme fear and pessimism investors feel about investing, and the closer to 100 points, the more optimistic they are.

Meanwhile, Bitcoin celebrated its 14th anniversary the previous day. An anonymous developer named Satoshi Nakamoto first explained the concept of Bitcoin on the internet on October 31, 2008.