Major cryptocurrencies, including Bitcoin, saw a rise in prices as expectations for interest rate hikes by the Federal Reserve weakened due to disappointing U.S. economic indicators. The decline of the dollar also contributed to improved investor sentiment towards risk assets.
According to CoinMarketCap, Bitcoin was trading at $64,234, up 2.36% from the previous day as of 8 a.m. on August 18.
The price of Ethereum increased by 1.63% to $1,902. Binance Coin (BNB) and Solana also rose by 0.48% and 1.90%, respectively, reaching $604 and $75. Ripple (XRP) recorded a 0.81% increase, trading at $0.99.
This increase is attributed to the lowered likelihood of interest rate hikes in the U.S. Recent data showed that July retail sales fell short of expectations, leading the market to significantly reduce the chances of a rate increase by the Fed. Consequently, the dollar weakened, reviving interest in risk assets like Bitcoin.
As of 8 a.m. on the same day, Bitcoin was trading at approximately 90,636,000 won ($64,290) on the domestic exchange Bithumb, marking a 0.67% increase from the previous day. The 'Kimchi Premium' was recorded at -0.523%, indicating that the price of Bitcoin in South Korea is lower than that in international markets.
* This article has been translated by AI.
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