Bitcoin falls to around $71,000 as expectations for additional Fed rate cuts fade [Crypto Briefing]

[The Financial News] Bitcoin fell to around $71,000 on the 19th after expectations for additional benchmark rate cuts by the Federal Reserve System (Fed) this year weakened.
According to global digital asset data platform CoinMarketCap, Bitcoin was trading at around $71,000 as of 10 a.m. that day, down 3.82% over the previous 24 hours. Over the past week, Bitcoin has risen 1.24%.
In the Korean won market, Bitcoin is trading at around 105 million won. Based on global digital asset market comparison platform Cryprice, the Korea premium stands at -1.11%.
On the 18th (local time), the Fed left its benchmark interest rate unchanged at 3.50–3.75%, in line with market expectations. At a press conference following the rate decision, Jerome Powell, Chair of the Federal Reserve System (Fed), stated, "Inflation is expected to ease, but not as much as we had hoped," adding, "Rising energy prices will push up overall inflation, but it is still too early to gauge the range and duration of the potential impact on the economy."
Lee Sung-hoon, analyst at Kiwoom Securities, noted, "Jerome Powell's press conference was interpreted as hawkish, and most of the New York stock market declined," and explained, "The market views this rate hold as a 'hawkish pause,' given that the growth outlook remains solid while upside inflation pressures have increased."
The Crypto Fear and Greed Index provided by CoinMarketCap stood at 33 that day, indicating a state of "fear." The index ranges from 0 to 100, with readings near 0 interpreted as "extreme fear" and those near 100 as "extreme greed."
At the same time, Ethereum was trading around $2,190, down 5.98% from the previous day. Ripple was trading at about $1.45, a decline of 3.94%.
yimsh0214@fnnews.com Reporter Lim Sang-hyuk Reporter