Bitcoin is trading steadily around $63,000. The outlook for a potential interest rate hike by the U.S. Federal Reserve, due to rising inflation risks, has led to a cautious investment sentiment.
As of 8 a.m. on July 29, Bitcoin was trading at $63,695, down 0.41% from the previous day, according to global cryptocurrency market site CoinMarketCap.
Major altcoins are showing mixed trends. At the same time, Ethereum rose 0.44% to $1,908.81, and Binance Coin increased by 0.28% to $568.38. In contrast, Solana fell 1.25% to $73.40, and Ripple decreased by 0.54% to $1.06.
The market sentiment index is also weak. CoinMarketCap's 'CMC Crypto Fear and Greed Index' recorded a score of 35 (fear) today. This is the same level as the previous day but down from 40 a week ago. A score closer to 0 indicates extreme fear, while a score closer to 100 indicates extreme optimism.
Market analysts suggest that the delay in processing the U.S. digital asset market structure bill, known as the 'Clarity Act,' along with expectations of interest rate hikes in the second half of the year, has further dampened investor sentiment.
Currently, Wall Street banks expect the Federal Reserve to keep interest rates steady at 3.50% to 3.75% during its meeting on July 29, while not ruling out the possibility of a sudden increase due to the situation in the Middle East and inflation risks. According to the Chicago Mercantile Exchange (CME) FedWatch, the futures market reflects about a 70% probability that the Fed will maintain rates at this meeting.
Meanwhile, at the same time on the domestic exchange Bithumb, Bitcoin was trading at 92,563,000 won ($63,608), up 0.50% from the previous day. The 'Kimchi Premium' was recorded at -0.12%, indicating that the price of Bitcoin traded domestically is lower than that in international markets.
* This article has been translated by AI.
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