[Bitcoin Now] Slight Rebound Ahead of Jackson Hole Meeting... Investor Sentiment 'Extreme Fear'

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Myunghwan Lee] The price of Bitcoin, the leading cryptocurrency, which had been declining ahead of the Jackson Hole meeting, has turned upward.

According to the global cryptocurrency market tracking site CoinMarketCap, as of 11:26 a.m. on the 24th, Bitcoin was priced at $21,335 (approximately 28.61 million KRW), up 0.18% from the previous day.

Investors are focusing on the Jackson Hole meeting scheduled for the 25th to 27th (local time). This Jackson Hole meeting is significant because it provides clues about the direction of the U.S. Federal Reserve's (Fed) monetary policy. The Jackson Hole meeting is an economic forum held annually at the end of August by the Kansas City Federal Reserve Bank in Jackson Hole, Wyoming. Attention is centered on Fed Chair Jerome Powell’s upcoming speech at the forum, where he is expected to discuss the "economic outlook."

However, Bitcoin prices also rose amid expectations that the Fed might adjust its aggressive monetary policy stance due to weak U.S. housing sales data. New U.S. home sales in July were 511,000 units, down 12.6% from the previous month. Cryptocurrency-focused media CoinDesk explained that as U.S. new home sales in July decreased by 12.6% from the previous month, most cryptocurrency assets showed an upward trend. The decline in home sales provides evidence that the Fed’s aggressive approach is slowing inflation without triggering a recession.

Meanwhile, according to cryptocurrency data provider Alternative, the Fear & Greed Index, which measures investor sentiment, fell 3 points from the previous day to 25 points (extreme fear). This is a 16-point drop from 45 points (fear) recorded a week ago on the 15th of this month. 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.