[Bitcoin Now] Sideways Movement Ahead of FOMC Meeting...Improvement in Investor Sentiment
Bitcoin prices are showing a sideways trend ahead of next week's Federal Open Market Committee (FOMC) regular meeting.
According to CoinMarketCap, a global virtual asset market data relay site, as of 4:42 PM on the 17th, the price of Bitcoin was recorded at $26,545 (approximately 35.33 million KRW), up 0.19% from the previous day.
Bitcoin prices, which had maintained the $25,800 range just a week ago, rose after digesting the US August Consumer Price Index (CPI). The August CPI rose 3.7% compared to the same period last year, surpassing the previous month's 3.2% increase. This was higher than the market expectation of 3.6%, driven by rising oil prices. However, the August core CPI, which excludes the highly volatile food and energy sectors, rose 4.3% compared to the same period last year, significantly slowing from the previous month's 4.7% increase. The 4.3% rise is the lowest level in 22 months and met market expectations.
However, other economic indicators mostly showed stronger-than-expected results, which is interpreted as the price remaining in a consolidation range. US industrial production rose 0.4% from the previous month, slowing from the 0.7% increase recorded the previous month but exceeding the market expectation of a 0.2% rise. Meanwhile, the University of Michigan Consumer Sentiment Index was 67.7, below the previous month's 69.5 and the market expectation of 69.2. The 1-year expected inflation rate fell to 3.1% from 3.5% the previous month, and the 5-year expected inflation rate dropped to 2.7% from 3.0% the previous month. Nevertheless, concerns are growing that inflationary pressures could persist due to the recent strength in oil prices.
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Investor sentiment in virtual assets has slightly improved. According to data from Alternative, a virtual asset data provider, the Fear & Greed Index, which expresses investor sentiment as an index, rose 3 points from the previous day to 46 points (fear). Compared to 40 points a week ago, it increased by 6 points. Alternative's Fear & Greed Index means that a score closer to 0 indicates extreme fear and pessimism about investment, while a score near 100 indicates optimism.
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