As a seasoned researcher with extensive experience in the cryptocurrency market, I have witnessed countless ups and downs over the past few years. The recent surge in Bitcoin’s price and sentiment recovery has been nothing short of remarkable. In just four days, we’ve seen Bitcoin jump from fear to greed levels on the Fear & Greed Index, a significant shift that indicates bullish sentiment is back in the market.
The Fear & Greed Index reports that Bitcoin has experienced its most notable improvement in sentiment over the past year.
In a span of just four days, the closely monitored gauge of investor emotion shifted dramatically from reflecting fear at a level of 25 points, to signaling greed with a reading of 69 points.
The cryptocurrency market has regained its bullish momentum following unexpectedly low inflation figures, suggesting the possibility of the US Federal Reserve reducing interest rates several times in 2023.
Chris Waller, a Federal Reserve governor, signaled earlier today that the central bank could soon ease its tight monetary policy, suggesting that a rate cut might be imminent as early as September. In his previous remarks only two months ago, he had ruled out any rate adjustments until late 2024.
On Wednesday, the cost of Bitcoin peaked at $66,129 on the Bitstamp exchange, marking its most elevated point since late June.
The number one cryptocurrency experienced a significant increase of over 23%, bouncing back from its recent low of $53,550 reached on July 5.
Bitcoin has bounced back swiftly due to significant purchasing during price dips by investors in Bitcoin ETFs. On Thursday, these investors continued their trend of substantial inflows, adding another $422 million. Notably, BlackRock’s Bitcoin ETF has reached over $20 billion in assets under management, marking yet another notable achievement.
The CEO of CryptoQuant, Ki Young Ju, has pointed out that the premium on Coinbase – the difference between its price and the global average – has reached a three-month peak. This observation suggests that investor sentiment in the US market is improving.
Recently, German authorities have announced the completion of their Bitcoin sell-offs. They assured that these transactions were carried out in a reasonable and gradual manner.
At the moment, Bitcoin is being traded for around $65,142 on the Bitstamp platform. However, its value has decreased somewhat due to the weak performance of significant U.S. stock markets like the Nasdaq and S&P 500.
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2024-07-17 18:16