$66,000 Range... US Interest Rate Cut Reduction [Bitcoin Now]

Early Morning of the 15th: Dropped to $65,000
Minor Rebound on Inflow of Low-Price Buying
Political Uncertainty Looms Amid Rise of European Right-Wing

The price of Bitcoin, the leading virtual asset, plummeted to the $65,000 range in the early morning of the 15th (Korean time). Currently, due to an influx of bargain buying, it has recovered to $66,000, but the rebound is not significant. This is because concerns over stricter virtual asset regulations have increased as right-wing forces gain ground in Europe, and recently, the U.S. Federal Reserve (Fed) hinted that it might reduce the number of interest rate cuts to just one this year.

According to the global virtual asset market tracking site CoinMarketCap, as of 10:11 a.m. on the 15th (Korean time), the price of Bitcoin is $66,199.53, down 0.55% from the previous day. Compared to a week ago, it has dropped 4.57%, but it is up 7.47% compared to a month ago. The year-over-year increase rate stands at 162.92%.

Until the morning of the 12th, Bitcoin was trading around the $70,000 level following news of a slowdown in the U.S. Consumer Price Index (CPI) for May. However, the market sentiment reversed after the U.S. Fed held the benchmark interest rate steady at 5.25?5.5% on the 12th (local time) and hinted at the possibility of only one rate cut within the year. Interest rate cuts are considered a key factor influencing supply and demand in the virtual asset market, which moves in tandem with the risk asset market.

Political uncertainty also persists in the virtual asset market within Europe. This is because the European Union (EU) parliamentary elections held from the 6th to the 9th (local time) concluded with the rise of two major far-right parties. The virtual asset specialized media CoinGape noted, "The success of right-wing parties indicates a growing anti-establishment sentiment in virtual asset markets across Europe," adding, "Mainstream parties still control the European Parliament with 705 seats, but the surge of far-right parties presents a remarkable challenge."

It further stated, "Political changes have a significant impact on the virtual asset market," and "According to a recent report, Jag Kooner, Head of Derivatives at the Hong Kong-based virtual asset exchange Bitfinex, expressed concerns that right-wing tendencies could lead to strict controls over virtual assets."

According to virtual asset data provider Alternative, the Fear & Greed Index representing investor sentiment stood at 74 points (Greed) on this day. This is a slight increase from 72 points (Greed) last week. Alternative's Fear & Greed Index ranges from 0, indicating extreme fear and pessimism about investment, to 100, indicating optimism.