Bitcoin Surges Above 52 Million Won Amid Expectations of Interest Rate Cut
Bitcoin has reached its highest level in 20 months, surpassing 52 million won. This surge comes in anticipation of a key interest rate cut, signaling a positive trend in the virtual currency market.
Bitcoin Price
As of 11:50 am on the 3rd, the price of Bitcoin on the virtual currency exchange Bithumb is trading at 52.62 million won, marking a 1.72% increase from 24 hours ago. This surge has propelled Bitcoin to its highest price point since April last year.
Rising Cryptocurrencies
In addition to Bitcoin, the top 10 major cryptocurrencies traded on Bithumb are also experiencing an upward trend. Ethereum, Binance Coin, Ripple, Solana, Ada, Dogecoin, Tron, Chainlink, and Avalanche all have seen an increase in their trading prices. This surge in cryptocurrency prices is indicative of increased preference for risky assets, fueled by expectations of a base interest rate cut.
Market Response to Federal Reserve’s Commentary
Chairman Jerome Powell’s recent commentary about a potential change in monetary policy has also impacted the market. Despite hinting at the possibility of tightening monetary policy, the market interpreted his comments as less intense than expected. This has led to a decrease in government bond yields and a positive performance in the New York stock market.
The Dow surpassed the 36,000 mark for the first time in around 23 months, while the S&P 500 index set a new record for the year. Overall, the market response suggests a positive outlook for the virtual currency market amid evolving global economic conditions.
Reporter: Hanjae Lee
[비즈니스포스트] Bitcoin rose above 52 million won.
It rose to the highest level in 20 months on expectations of a key interest rate cut.
▲ The price of Bitcoin rose to the highest level since April last year. The picture is a virtual image of virtual money.
As of 11:50 am on the 3rd on the virtual currency exchange Bithumb, the Bitcoin price is trading at 52.62 million won, up 1.72% (890,000 won) per 1 BTC (bitcoin unit) from 24 hours ago.
This is the first time since April last year that the price of Bitcoin rose above 52 million won on Bithumb.
The prices of the top 10 major cryptocurrencies traded on Bithumb by market capitalization are all rising.
Ethereum rose 3.65% (102,000 won) per 1 ETH (Ethereum unit) to 2.895 million won, and Binance Coin rose 0.52% (1,600 won) per 1 BNB (Binance Coin unit) to 307,600 being bought and sold in that order.
Additionally, Ripple (1.22%), Solana (6.38%), Ada (3.89%), Dogecoin (1.77%), Tron (0.72%), Chainlink (5.04%), and Avalanche (2.21%) also accounted for 24% It is trading at a higher price than before.
Expectations of a cut in the base interest rate seem to have increased the preference for risky assets and led to an increase in prices.
In a university speech on the 1st (local time), Jerome Powell, Chairman of the US Federal Reserve, said, “If we decide that it is appropriate to change monetary policy to a tighter monetary policy, we are ready to do that,” but he said, “It then a better balance between inflation and the base interest rate.” I looked at him and said, “I was caught.”
Although the possibility of additional tightening is left open depending on the situation, the market saw Chairman Powell’s comments as less intense than expected and interpreted them as a sign to ease tightening.
Accordingly, in the US bond market on this day, most government bond yields fell, including 2-year, 5-year, 10-year, and 30-year bonds, while the New York stock market get up
The Dow surpassed the 36,000 mark for the first time in around 23 months since January last year, and the S&P 500 index also rose to its highest closing price since March last year, setting a new record for the year. Reporter Hanjae Lee
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