According to CoinMarketCap on the 13th, as of 11:15 a.m. on the same day, the price of Bitcoin was recorded at $58,037 (approximately 8.1 million yen), up 0.15% from the previous day.
The previous day, the U.S. Department of Labor announced that the Producer Price Index (PPI) for August rose 1.7% year-on-year (non-seasonally adjusted). This is the first time since February of this year that the PPI has fallen below the 2% mark.
The success in easing the Fed's fears about inflation has allowed it to maintain its rate-cutting tone this month.
Additionally, interest rate futures markets were trading at a high of 1.5% for September, according to the CME's FedWatch tool.
The Fed is forecasting a 50 basis point cut in the benchmark interest rate, or a "big cut," with a 35% chance of doing so, nearly double the 15% chance it had at the close the previous day.
This has resulted in the New York stock market recording bullish readings and Bitcoin also maintaining its short-term upward trend.
According to cryptocurrency data provider Alternative.me, the cryptocurrency fear and greed index for this day was down 1.2% from the previous day.
The index is 32 points, one point higher than the previous level, which indicates the "fear" level. The closer to 0, the closer the investment sentiment is to "extreme fear," and the closer to 100, the closer the sentiment is to "extreme optimism."
According to Cryptoquant, as of today, the net deposit and withdrawal volume of the exchange is higher than the average figure for the past seven days.
Generally, the net deposit/withdrawal volume is the amount of coins deposited into the exchange minus the amount withdrawn.
In the case of spot exchanges, the higher the value, the greater the selling pressure for the coin, and in the case of futures exchanges, it is interpreted as an increase in volatility risk.
2024/09/13 15:04 KST
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