As of 10:50 a.m. on the 12th, Bitcoin was trading at $96,160 (approximately JPY 14.75 million), down 1.96% from the same time the previous day, according to CoinMarketCap.
Bitcoin, which was trading at around $98,000 the previous day, saw its price plummet in the morning of the same day, dropping to $94,940 at one point. It then recovered some of the losses and was back in the $96,000 range.
The reason for the drop in the price of Bitcoin is believed to be the comments made by Federal Reserve Chairman Jerome Powell.
At the hearing, he said, "Our economy is in a pretty good position," and made it clear that he is in no rush to cut the base interest rate further. Normally, when the base interest rate is lowered, investment sentiment toward risk assets increases.
This will cause cryptocurrency prices to rise. As the Fed begins to adjust the pace of interest rate cuts, investment sentiment toward cryptocurrencies has decreased.
Glassnode, an on-chain cryptocurrency analysis company, said through X that "short-term investors' profit and loss ratios are below average, and the market is in a period of overall correction."
"Short-term investors' profit margins are shrinking, which could lead to increased selling," said BCA Research, a global investment research company.
could dent Bitcoin's bullish momentum."
2025/02/12 12:24 KST
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