Bitcoin falls below $84,000… Focus on FOMC this week [Decenter Market Status]

Major virtual assets are on the rise.

As of 8:18 am on the 18th, based on Bithumb, Bitcoin (BTC) rose 1.05% from the previous day to 122,799,000 won. Ethereum (ETH) rose 1.4% to 2,824,000 won, XRP rose 0.62% to 3,427 won, BNB fell 1.08% to 916,500 won, and Solana (SOL) rose 1.46% to 187,900 won.



The international market is also on the rise.

At the same time, on CoinMarketCap, BTC recorded $83,987.38, up 1.97% from the previous day. ETH rose 2.61% to $1,929.66, XRP rose 2.02% to $2.34, BNB rose 4.66% to $626.35, and SOL rose 2.33% to $128.62.

The total market capitalization of virtual assets increased by 2.25% from the previous day to about $2.74 trillion (about 395.93 trillion won). The Crypto Fear and Greed Index of alternative.me, a virtual asset data company, rose 2 points from the previous day to 32 points, indicating 'fear'.

◆ Need to pay attention to macroeconomic variables such as the March FOMC

While BTC is fluctuating in the range of $82,000 to $85,000, the market's attention is focused on macroeconomic variables such as the Federal Reserve's (Fed) key rate decision this week. The Fed will hold a regular meeting of the Federal Open Market Committee (FOMC) from March 18 to 19 and decide on the key interest rate.

Ryan Rie, chief research analyst at global virtual asset exchange Bitget, said, "Macroeconomic variables such as the Fed's March FOMC will be a key factor in determining the direction of the market," and "If market sentiment deteriorates, BTC could adjust to $75,000 to $80,000, but if the macroeconomic environment remains favorable, it will try to break through $90,000 again."

Meanwhile, according to the CME FedWatch, the federal funds rate (FFR) futures market priced in a 99.0% chance of the Fed keeping rates unchanged this week as of 3:47 pm in New York, up 1.0 percentage point from the previous session.

Reporter Kim Jeong-woo

woo@sedaily.com