Prices of virtual assets, including Bitcoin, are rising sharply. This is interpreted as the effect of the Federal Reserve (Fed) deciding to freeze the benchmark interest rate at the March Federal Open Market Committee (FOMC) and maintaining the outlook for a rate cut within the year.
According to the global virtual asset status tracking site CoinMarketCap, as of 8 am this morning, Bitcoin (BTC) was traded at $86,179.60, up 4.54% from the previous day. At the same time, Ethereum (ETH), the representative altcoin, also recorded $2,050.99, up 6.95%. Solana (SOL), which was recently listed on the Chicago Mercantile Exchange (CME) futures market, rose 7.62% to $134.60 per unit.
Prices of major virtual assets at major domestic exchanges are also on the rise. At the same time, BTC on Bithumb recorded 12,645,600 won, up 2.37% from the previous day. ETH rose 0.91% to 3,005,000 won, and SOL rose 2.22% to 197,600 won. However, XRP fell 0.11% to 3,720 won.
This is interpreted as the impact of the March FOMC held today. At today's FOMC, the Fed decided to freeze the benchmark interest rate at the current 4.25-4.5% and maintain the year-end benchmark interest rate forecast at 3.9%. Considering the current benchmark interest rate (4.25-4.5%), it is expected that the rate will be cut by 0.25 percentage points twice within the year. The New York stock market also rose. The Dow Jones Industrial Average closed at 41,964.63, up 383.32 points (0.92%). The S&P 500 closed at 5,675.29, up 60.63 points (1.08%), and the Nasdaq Composite closed at 17,750.79, up 246.67 points (1.41%).
Meanwhile, the Crypto Fear and Greed Index of the virtual asset data analysis company Alternative.me recorded 32 points, maintaining a 'fear' state. This index means that investment sentiment is depressed when it is close to 0, and the market is overheated when it is close to 100.
- Reporter Joong-seop Shin
- jseop@sedaily.com
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