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Bitcoin Sees Crazy Sentiment Jump
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Bitcoin has managed record the fastest recovery in sentiment in more than a year, according to the Fear & Greed Index.
The closely watched sentiment indicator went from just 25 points (“fear”) to 69 points (“greed”) in just four days.
The cryptocurrency market is back in bull mode after weaker-than-expected inflation data suggested the US Federal Reserve could cut interest rates multiple times this year.
In the morning, the Fed governor Chris Waller He hinted that the central bank may be getting closer to easing its tight monetary policy, indicating that a cut could be on the table as early as September. “I think the time to lower the key rate is getting closer,” he said. Notably, he said just two months ago that there would be no rate until the end of 2024.
The price of Bitcoin reached a daily high of $66,129 on the Bitstamp exchange on Wednesday, hitting its highest level since June 20.
The leading cryptocurrency is up more than 23% after hitting a local low of $53,550 on July 5.
Bitcoin has managed to recover in such a short period of time, largely due to strong dip buying by Bitcoin ETF investors. On Thursday, these products managed to extend their streak of highly impressive inflows, with another $422 million in fresh money. Meanwhile, BlackRock Bitcoin ETFs surpassed $20 billion in assets under management, marking another major milestone.
CryptoQuant CEO Ki Young Ju also recently noted that Coinbase’s premium has hit a three-month high, indicating that U.S. market sentiment is recovering.
Meanwhile, German authorities have recently confirmed who had stopped selling their Bitcoins, stressing that their sales had been “fair” and “kind.”
Bitcoin is currently trading at $65,142 on the Bitstamp exchange. The cryptocurrency has given up some gains due to the underperformance of major U.S. stock indexes such as the Nasdaq and S&P 500.
About the author
Alex Dobnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader, and journalist with extensive experience covering everything from price analysis to Blockchain disruption. Alex has written over 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets and can be reached at alex.dovbnya@u.today.