As the New York stock market, which had plummeted due to deteriorating US employment indicators, rebounded with expectations of a rate cut next month, major cryptocurrency prices are also rising in unison. The altcoin leader Ethereum (ETH) and XRP have surged by 5-6%, showing strong performance, and Bitcoin (BTC), which had fallen to around $112,000 on the 3rd of this month, has recovered to around $115,000.
According to the global cryptocurrency market site CoinMarketCap on the 5th, BTC was traded at $115,349.89, up 0.90% from 24 hours earlier as of 8 am. At the same time, ETH recorded a sharp increase of 6.56% to $3,732.46. XRP rose 4.81% to $3.08, and Solana (SOL) increased 4.35% to $169.03.
A similar trend is being observed in the domestic market. On the domestic exchange Bithumb, BTC recorded 160,726,000 won, up 0.44% from the previous day. ETH rose 2.60% to 5,203,000 won, and XRP is trading at 4,296 won, up 1.58%.
This is interpreted as an impact from the New York stock market's rebound, centered on tech stocks, after plummeting due to poor employment indicators. The employment report released by the US Department of Labor significantly underperformed expectations, and the New York Stock Exchange's three major indices all declined on the previous trading day. However, expectations that the worsening employment situation might accelerate the Federal Reserve's rate cut led to bottom-fishing buying, causing the indices to rebound. At the New York Stock Exchange (NYSE), the Dow Jones Industrial Average rose 1.34%, while the S&P 500 and Nasdaq Composite indices increased by 1.47% and 1.95% respectively from the previous trading day.
According to the CME FedWatch, the interest rate futures market has priced in a 96% probability that the Fed will lower the benchmark rate by 0.25 percentage points from the current 4.25-4.50% at the September monetary policy meeting.
The Fear and Greed Index from cryptocurrency data analysis firm Alternative.me increased by 11 points from the previous day to 64 points, transitioning from 'neutral' to 'greed'. This index indicates that the closer it is to 0, the more constrained the investment sentiment, and the closer to 100, the more overheated the market.
- Reporter Shin Jung-seop
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