At 10:05 a.m. on the 17th, the price of Bitcoin on CoinMarketCap was 83,101 dollars, down 1.36% from the same time the previous day.
Bitcoin, which traded at the 84,000 dollar mark in the afternoon of the previous day, fell to 82,408 dollars that night. It then rose back above 84,000 dollars at one point in the morning of the same day.
The price then fell again to $83,000 after the US retail sales report and the Federal Open Market Committee (FOMC) meeting this week.
On this day, the United States will release its retail sales index for the previous month. The retail sales index is an indicator of consumer spending, and can provide insight into the extent of the economic slowdown.
The Bank of Japan forecasts that retail sales would increase 0.6% from the previous month. If retail sales turn out to be lower than market expectations, this could raise expectations for a future cut in the U.S. base interest rate.
In addition, the FOMC meeting, which decides the US base interest rate, will be held for two days from the 18th (local time). The base interest rate is scheduled to be announced at 3:00 a.m. on the 20th (Japan time).
Normally, when the base interest rate falls, the price of crypto assets, which are risk assets, rises. Bitcoin's volatility has increased ahead of the base interest rate decision, which is an indicator that has a significant impact on the crypto asset market.
Vincent Liu, chief investment officer at Cronos Research, recently said, "Whether the cryptocurrency market recovers will depend on macroeconomic conditions, regulatory clarity, and other factors."
"The Fed is likely to freeze its benchmark interest rate at the FOMC meeting," said Ryan Lee, chief analyst at Bitget.
"If concerns grow, they may take a more hawkish stance," he said. "A more hawkish tone could push the dollar and bond yields higher, putting pressure on risk assets in general."
There is a gender," he added.
2025/03/17 11:15 KST
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