Investor sentiment improved as global risk appetite returned, leading to a rebound in the prices of major cryptocurrencies, including Bitcoin. This shift is attributed to easing concerns over U.S. interest rate hikes and a rebound in the New York stock market.
According to CoinMarketCap, Bitcoin was trading at $64,823 as of 8 a.m. on July 15, reflecting a 4.70% increase from the previous day.
Ethereum surged 7.09% to $1,881, while Binance Coin (BNB) and Solana rose 2.87% and 4.32%, respectively, to $581 and $77. Ripple (XRP) also saw a 4.94% increase, reaching $1.11.
The rebound in cryptocurrency prices is analyzed as a result of a slowdown in the dollar's strength due to expectations of a more accommodative monetary policy from the U.S. Federal Reserve. As interest rates are anticipated to decrease, there is growing optimism that liquidity will expand, prompting a shift of funds into risk assets like Bitcoin.
Additionally, during the recent price correction in the cryptocurrency market, excessive investment positions were partially unwound, alleviating selling pressure. This led to an influx of buying interest that contributed to the price rebound.
As of 8 a.m. on July 15, Bitcoin was trading at approximately 95,318,000 won ($64,858) on the domestic exchange Bithumb, marking a 0.80% increase from the previous day. The 'Kimchi Premium' stood at -1.321%, 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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