Bitcoin, which had fallen to the $76,000 range the previous day, has recovered to the upper $70,000s. This rebound is attributed to improved investor sentiment following U.S. President Donald Trump's suggestion of potential negotiations with Iran.
According to CoinMarketCap, as of 8 a.m. on September 15, Bitcoin was trading at $78,423, up 2.27% from the previous day.
After reaching the $80,000 mark earlier this month, Bitcoin dropped to the $76,000 range due to rising tensions in the Middle East, which led to a spike in international oil prices and increased inflation concerns, alongside rising U.S. Treasury yields. Uncertainty surrounding U.S. cryptocurrency legislation also dampened investor sentiment.
However, President Trump stated on his social media platform Truth Social on September 14 that “Iran is eager and desperate for a deal with the United States,” which helped improve market conditions.
On the same day, CoinMarketCap's Fear & Greed Index recorded a score of 70, indicating a return to the 'Greed' phase.
Major altcoins also saw gains. Ethereum rose 2.24% to $2,533.47, while Solana increased by 2.94% to $102.85. Ripple (XRP) surged 7.33% to trade at $1.43, and Binance Coin (BNB) edged up 0.88% to $722.30.
Nonetheless, Bitcoin faces several hurdles before it can break through the $80,000 level again. International oil prices remain above $100 per barrel, and U.S. Treasury yields have surpassed the psychologically significant 5% mark, continuing to weigh on the market.
The potential for an interest rate hike by the U.S. Federal Reserve this week could also pose challenges for the cryptocurrency market. According to the International Financial Center, the Fed will hold a Federal Open Market Committee (FOMC) meeting on September 15-16 to decide on interest rates. Given the stronger-than-expected U.S. Producer Price Index (PPI) and Core Consumer Price Index (CPI) for August, the market anticipates a higher likelihood of a rate increase.
Additionally, developments in U.S. cryptocurrency regulation are a key variable to watch. The U.S. Senate is set to conduct a procedural vote on the Clarity Act on September 15. The vote requires 60 votes to pass, and the Democratic Party is pushing for stringent ethical regulations, making it crucial to secure sufficient support.
Meanwhile, as of 8 a.m. on the same day, Bitcoin was trading at 10,584,000 won (approximately $78,493) on Bithumb, reflecting a 0.72% decrease from the previous day. The so-called 'Kimchi Premium,' indicating the domestic price is higher than international rates, was recorded at 0.26%.
* This article has been translated by AI.
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