Bitcoin has stabilized around $78,000 as concerns grow over the possibility of additional interest rate hikes in the United States.
As of 8 a.m. on September 1, Bitcoin was trading at $78,675, up 0.37% from the previous day, according to global cryptocurrency market site CoinMarketCap.
Last week, Bitcoin surged more than 24%, briefly surpassing $80,000 during trading. However, the momentum has slowed following remarks by Kevin Warsh, Chair of the U.S. Federal Reserve, during his keynote speech at the Jackson Hole Economic Policy Symposium, which heightened caution regarding further rate increases.
Warsh stated on August 28 that if inflation does not stabilize at the Fed's target rate of 2%, further action may be necessary.
Market participants interpreted Warsh's comments as an indication that the Fed is keeping the door open for additional rate hikes. This increased caution regarding further tightening has weighed on investor sentiment for risk assets, including Bitcoin.
Major altcoins showed mixed performance. Ethereum traded at $2,469, up 0.15% from the previous day. In contrast, Binance Coin (BNB) fell 0.39% to $691, and Ripple (XRP) dropped 0.61% to $1.38. The stablecoin Tether (USDT) was trading at $0.9998, down 0.01%.
Meanwhile, at the same time, Bitcoin was trading at 10,829,000 won (approximately $79,073) on the domestic exchange Bithumb, a decrease of 0.06% from the previous day. The 'Kimchi Premium' stood at 0.761%, indicating that the price of Bitcoin traded domestically is higher than that in international markets.
As of 8 a.m. on September 1, Bitcoin was trading at $78,675, up 0.37% from the previous day, according to global cryptocurrency market site CoinMarketCap.
Last week, Bitcoin surged more than 24%, briefly surpassing $80,000 during trading. However, the momentum has slowed following remarks by Kevin Warsh, Chair of the U.S. Federal Reserve, during his keynote speech at the Jackson Hole Economic Policy Symposium, which heightened caution regarding further rate increases.
Warsh stated on August 28 that if inflation does not stabilize at the Fed's target rate of 2%, further action may be necessary.
Market participants interpreted Warsh's comments as an indication that the Fed is keeping the door open for additional rate hikes. This increased caution regarding further tightening has weighed on investor sentiment for risk assets, including Bitcoin.
Major altcoins showed mixed performance. Ethereum traded at $2,469, up 0.15% from the previous day. In contrast, Binance Coin (BNB) fell 0.39% to $691, and Ripple (XRP) dropped 0.61% to $1.38. The stablecoin Tether (USDT) was trading at $0.9998, down 0.01%.
Meanwhile, at the same time, Bitcoin was trading at 10,829,000 won (approximately $79,073) on the domestic exchange Bithumb, a decrease of 0.06% from the previous day. The 'Kimchi Premium' stood at 0.761%, indicating that the price of Bitcoin traded domestically is higher than that in international markets.
* This article has been translated by AI.
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