Bitcoin Recovers to $118,000 After 'Weakness' Due to Rate Freeze [CryptoBriefing]

[Financial News] Bitcoin fell below $116,000 at one point due to Jerome Powell, Chairman of the Federal Reserve System (Fed), expressing his intention to freeze interest rates, but recovered to $118,000 as buying sentiment gathered at the low point.
According to the global virtual asset information platform CoinMarketCap, as of 10 a.m. on the 31st, Bitcoin is trading at $118,000, up 0.59% from the previous day (24-hour basis).
Bitcoin is trading at 160 million won in the won market. According to Cryprice, a global virtual asset market comparison platform, the Korean premium is -0.70%.
Bitcoin was trading at $115,000 at one point in the morning, but then turned bullish and is trading at $118,000. Following the Fed's decision to freeze the federal funds (FF) rate target at 4.25~4.50% on the 30th (local time), hawkish (preference for monetary tightening) remarks led to a temporarily strong selling trend.
Chairman Powell drew a line on the 'September rate cut theory' at a press conference held at the headquarters after the Federal Open Market Committee (FOMC) meeting on the 30th (local time). Chairman Powell said, “No conclusions have been reached regarding September,” and “I assess the current policy rate as moderately tight.”
However, it is interpreted that investors flocked again, raising prices, due to the recent approval by the U.S. Securities and Exchange Commission (SEC) of the spot redemption of Bitcoin and Ethereum spot exchange-traded funds (ETFs), which is considered a bullish factor.
Immediately after the rate freeze, Ethereum and XRP (Ripple), the 2nd and 3rd largest global virtual assets by market capitalization, also showed weakness but have now turned bullish. At the same time, Ethereum is trading at $3,844, up 1.85% from the previous day. Ripple is trading at $3.12, up 0.14%.




yimsh0214@fnnews.com Sanghyuk Lim Reporter