[Bitcoin Now] Slight Decline Ahead of FOMC... Investor Sentiment Remains 'Greedy'

Image source=Reuters·Yonhap News

Ahead of the December Federal Open Market Committee (FOMC) meeting, where interest rates are expected to remain unchanged, the price of the leading cryptocurrency Bitcoin is showing a slight decline.

According to the global cryptocurrency market tracking site CoinMarketCap, as of 1:06 PM on the 10th, the price of Bitcoin was recorded at $43,842 (57.87 million KRW), down 0.77% from the previous day. Compared to a week ago, it has risen by 11.27%.

With the final FOMC regular meeting of the year scheduled for December 12-13 (local time), Bitcoin is taking a breather. The market expects the Federal Reserve (Fed) to keep interest rates steady. Despite the expectation of a rate hold, Bitcoin’s price decline is interpreted as a slight weakening of hopes for a rate cut next year by the Fed. The market is focusing on Fed Chair Jerome Powell’s remarks for hints on the timing of any rate cuts. Due to anticipation of the launch of a Bitcoin spot exchange-traded fund (ETF), Bitcoin’s price rose to the $44,500 range on the 9th but has since traded around the $43,800 level.

Cryptocurrency investor sentiment remained at a greed level. According to data from cryptocurrency data provider Alternative, the Fear & Greed Index, which measures investor sentiment, rose by 1 point from the previous day to 74 (greed). Compared to 73 points (greed) a week ago, it also increased by 1 point. Alternative’s Fear & Greed Index ranges from 0, indicating extreme fear and pessimism about investing, to 100, indicating strong optimism.