Bitcoin recovers to $96,000… Sensitive to US FOMC results [Decenter Market Status]

Bitcoin (BTC) has recovered to the $96,000 range ahead of the U.S. Federal Open Market Committee (FOMC) results. The market is closely watching as the meeting results could potentially cause significant volatility in cryptocurrency prices.

According to the global cryptocurrency market tracking site CoinMarketCap on the 7th at 8 AM, BTC recovered to the $96,000 range for the first time in three days, trading at $96,149.2, up 1.15% from the previous day. At the same time, the altcoin leader Ethereum (ETH) recorded $1,810.58, down 0.89%. XRP rose 0.2% and was trading at $2.149 per coin. Solana (SOL) dropped 0.75% to $146.2.



On the domestic exchange Bithumb, BTC recorded 136,528,000 won, up 0.87% from the previous day. ETH dropped 1.19% to 2,568,000 won, and XRP traded at 3,049 won, down 0.2%.

Amid macroeconomic uncertainty, cryptocurrency funds are flowing into BTC, resulting in relatively poor performance of major altcoins. BTC's market share reached 65% on this day, the highest since January 2021.

Experts believe this FOMC meeting could be a turning point for the cryptocurrency market. Bettel Lunde, Research Director at cryptocurrency market analysis firm K33, predicted that "this FOMC meeting is likely to cause significant volatility." He analyzed that "BTC's 7-day average volatility hit a 563-day low last week, with short-term volatility abnormally suppressed" and that "when prices start moving, leveraged positions may be liquidated, and traders re-entering could lead to sharp fluctuations."

The Crypto Fear and Greed Index from cryptocurrency data analysis company Alternative.me rose 7 points from the previous day to 59 points, transitioning to a 'greed' state. This index indicates that values closer to 0 suggest constrained investment sentiment, while values closer to 100 indicate market overheating.

Reporter Kim Jung-woo

woo@sedaily.com