[Bitcoin Now] Rising Amid US Inflation Slowdown Expectations and Stock Market Gains

[Image source=Reuters·Yonhap News]

[Asia Economy Reporter Lee Jung-yoon] The price of Bitcoin, a leading cryptocurrency, is on the rise as expected inflation figures slow down and the U.S. stock market closes higher.

According to the global cryptocurrency market tracking site CoinMarketCap, as of 11:01 AM on the 13th, Bitcoin was priced at $17,149 (approximately 22.43 million KRW), up 1.08% compared to the previous day.

In the January consumer outlook survey released by the New York Federal Reserve Bank, the expected inflation rate for the next year was 5.2%. This figure is 0.7 percentage points lower than the previous month and is the lowest level since August last year. Following this data, the U.S. stock market closed higher. The tech-heavy Nasdaq index rose 139.12 points (1.26%) to close at 11,143.74. The Dow Jones Industrial Average increased by 528.58 points (1.58%) to 34,005.04, and the large-cap S&P 500 index closed 56.18 points (1.43%) higher at 3,990.56.

Additionally, investors are focusing on the upcoming U.S. November Consumer Price Index (CPI) release and the December Federal Open Market Committee (FOMC) regular meeting. Cryptocurrency specialized media CoinDesk stated, "Before seeing a clearer picture of the inflation situation, investors had to consider the recent storm clouds over the coin industry."

Meanwhile, according to the cryptocurrency data provider Alternative, the Fear & Greed Index, which measures investor sentiment, remained at 27 points (fear) as it was the previous day. Alternative's Fear & Greed Index ranges from 0 points, indicating extreme fear and pessimism about investing, to 100 points, indicating optimism.