[Bitcoin Now] Bitcoin Rises Over 2% Amid Interest Rate Speed Adjustment Outlook... Investor Sentiment Turns 'Greedy'

[Asia Economy Reporter Lee Jung-yoon] Ahead of the Federal Open Market Committee (FOMC) regular meeting, Bitcoin prices are on the rise as a slowdown in the pace of interest rate hikes is anticipated.

[Image source=Reuters·Yonhap News]

According to the global virtual asset market status relay site CoinMarketCap, as of 10:20 AM on the 30th, Bitcoin was priced at $23,679 (approximately 29.14 million KRW), up 1.55% from the previous day.

The market expects the Federal Reserve (Fed) to narrow the rate hike to 0.25 percentage points at the FOMC meeting on the 1st of next month (local time), as signs of easing inflation continue to be confirmed. This outlook has improved investor sentiment toward risk assets such as virtual assets, driving price increases. Bitcoin prices have recovered to levels seen in August last year.

Joe DiPascal, CEO of BitBull Capital, explained, "The slower pace of (interest rate) hikes is one of the reasons virtual assets are showing an upward trend," adding, "This is regarded as a positive economic signal and is currently reflected in the demand for Bitcoin."

As Bitcoin prices rise, investor sentiment has also revived, reaching a stage of 'greed.' According to Alternative, a virtual asset data provider, the Fear & Greed Index representing investor sentiment rose 6 points from the previous day to 61 points (greed) on this day. Just a week ago, it was around 50 points (neutral), but investor sentiment has greatly improved alongside the price increase. The Fear & Greed Index by Alternative means that a score closer to 0 indicates extreme fear and pessimism about investment, while a score near 100 indicates optimism.