Bitcoin Hits $89,000 Before Recovering to $91,000 on Bargain Buying [Crypto Briefing]

[Financial News] Bitcoin (BTC) dropped to the $89,000 level on the 12th, but recovered to $91,000 as bargain buying emerged.
According to global digital asset information platform CoinMarketCap, as of 10 a.m. today, BTC was trading at around $91,000, up 0.10% over the past 24 hours. Over the past week, BTC has fallen by 0.87%.
BTC is trading at approximately 136 million KRW in the Korean won market. According to global digital asset comparison platform Cryprice, the Korea premium stands at 0.83%.
The digital asset market has been closely watching whether the Federal Reserve System (Fed) will implement an additional rate cut in December. Typically, a rate cut is seen as a signal favoring risk assets.
However, although the Fed decided to lower its benchmark rate by 0.25 percentage points on the 10th (local time), BTC did not experience a significant rebound.
This is interpreted as a result of concerns that the rate-cutting trend may end next year. At this meeting, the Fed presented a median year-end rate forecast of 3.4%. Given the current rate level, an additional 0.25 percentage point cut is possible, but differences among FOMC members make it difficult to predict whether an actual cut will occur.
Jerome Hayden Powell, Chair of the Fed, stated, "The Fed's benchmark rate is currently at the Neutral Interest Rate." The Neutral Interest Rate refers to the real interest rate that neither stimulates inflation nor hinders maximum employment.
On the 11th (local time), a bubble theory surrounding Artificial Intelligence (AI) triggered by cloud computing company Oracle Corporation also dampened investor sentiment. The NASDAQ Composite Index (NASDAQ Composite), which is tech-heavy, closed at 22,593.86, down 60.30 points (0.26%).
At the same time, Ethereum was trading at around $3,192, down 2.66% from the previous day. Ripple was at $2.02, down 0.15%.

yimsh0214@fnnews.com Im Sang-hyuk Reporter