[Bitcoin Now] US Stock Market Declines and Weakness Ahead of FOMC... Falls to $22,000 Range

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Lee Jung-yoon] The U.S. stock market closed lower, and with the Federal Reserve (Fed) expected to implement a giant step by raising the benchmark interest rate by 0.75 percentage points at the Federal Open Market Committee (FOMC) meeting, Bitcoin prices are showing weakness.

According to the global cryptocurrency market tracking site CoinMarketCap, as of 3:59 PM on the 24th, Bitcoin was priced at $22,654 (approximately 29.68 million KRW), down 1.07% from the previous day.

Bitcoin prices are weakening due to the decline in the U.S. stock market. On the 22nd (local time), the Nasdaq index, which is technology stock-centered and shows synchronization, closed down 225.50 points (1.87%) at 11,834.11. The Dow Jones Industrial Average fell 137.61 points (0.43%) to 31,899.29, and the large-cap S&P 500 index closed at 3,961.63, down 37.32 points (0.93%).

Furthermore, with the FOMC meeting scheduled for the 27th, the market is showing a downward trend amid expectations of a giant step. Previously, there was also speculation about an ultra step (a 1.00 percentage point rate hike), but the giant step outlook is prevailing. James Bullard, President of the Federal Reserve Bank of St. Louis, has stated that since the neutral interest rate level is 2.5%, a 75 basis point (0.75%; 1 bp = 0.01 percentage points) increase has many advantages.

Meanwhile, according to cryptocurrency data provider Alternative, the Fear & Greed Index, which measures investor sentiment, fell by 1 point from the previous day to 30 points (fear) on the same day. Alternative's Fear & Greed Index ranges from 0 points, indicating extreme fear and pessimism about investing, to 100 points, indicating optimism.

This content was produced with the assistance of AI translation services.