The price of Bitcoin has been hovering around $94,000 for nearly two weeks. The global investment market is showing expectations that the price of Bitcoin could surge following the remarks of Jerome Powell, Chair of the U.S. Federal Reserve.
According to CoinMarketCap, a global cryptocurrency market tracking site, Bitcoin was trading at $94,636 (about 130.78 million won) at 6:20 a.m. on the 7th. This represents an increase of 0.06% from the previous day. At the same time, the price of Ethereum was $1,775 (about 2.45 million won), down 2.15% from the previous day.
Since recovering the $94,000 level on the 25th of last month, Bitcoin has been trading between $93,000 and $95,000 without significant volatility until today. However, the market is closely watching the outcome of the Federal Open Market Committee (FOMC) meeting of the Federal Reserve, which will be held for two days starting today. Even if the Federal Reserve holds the base interest rate steady, the cryptocurrency market could benefit from a shift in Powell's stance. Analysts believe that just indicating a possibility of rate cuts by changing his existing position of observing economic indicators could give momentum to cryptocurrency prices.
The head of research at the cryptocurrency trading firm K33, Betle Runde, noted, “It is highly likely to trigger significant volatility at this FOMC.”