Bitcoin has maintained its value at $80,000 despite geopolitical tensions between the U.S. and Iran. Although the possibility of a U.S. interest rate hike has resurfaced, investor sentiment in the virtual asset market is showing signs of rapid recovery.
According to CoinMarketCap, as of 8 a.m. on September 7, Bitcoin was trading at $80,037, up 0.30% from the previous day.
Major altcoins also exhibited strength. Ethereum rose 1.07% to $2,507, while Ripple (XRP) increased by 0.39% to $1.42. Solana traded at $105.93, up 2.49%. In contrast, Binance Coin (BNB) fell by 2.54% to $751.47.
Market attention is focused on the upcoming decision by the U.S. Federal Reserve regarding interest rates. Recent U.S. employment data has been stronger than expected, raising the likelihood of a rate hike. According to the CME FedWatch Tool, the probability of a 0.25 percentage point increase in the federal funds rate for September rose from 49.4% to 58.4% from the previous day.
Christopher Waller, a Federal Reserve governor, stated on September 3 during a Reuters event that while inflation is significantly above the target of 2%, there are signs that the pace of price increases is slowing. He indicated that if this trend continues in upcoming reports, he would support maintaining current interest rates.
As a result, the inflation data released before the Federal Open Market Committee (FOMC) meeting on September 15-16 is expected to be a critical factor in determining the direction of interest rates. The U.S. Producer Price Index (PPI) and Consumer Price Index (CPI) for August will be released on the nights of September 10 and 11, Korea time.
Investor sentiment in the virtual asset market has significantly improved. On this day, CoinMarketCap's 'CMC Crypto Fear and Greed Index' registered a score of 75, indicating a state of 'Greed.' This marks a rapid recovery compared to last month's score of 38, which indicated 'Fear.'
Meanwhile, at Bithumb, Bitcoin was trading at 1,091,400 won, up 0.51% from the previous day. The so-called 'Kimchi Premium,' which indicates the degree to which domestic prices are higher than international prices, was recorded at 1.16%.
* This article has been translated by AI.
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