Bitcoin (BTC) Records Its Fastest Sentiment Recovery in Over a Year as the Market Flips Bullish
- WBOYOriginal
- 2024-07-19 00:09:10809browse
The closely watched sentiment indicator went from just 25 points ("fear") to 69 points ("greed") in only four days.
Bitcoin sentiment has recovered at its fastest pace in over a year, surging from 25 points ("fear") to 69 points ("greed") in just four days, according to the Fear & Greed Index. This rapid shift in sentiment follows cooler-than-expected inflation data, which has fueled speculation that the U.S. Federal Reserve might cut interest rates multiple times this year.
Earlier today, Fed governor Chris Waller hinted that the central bank might be getting closer to loosening its restrictive monetary policy, indicating that a cut might already be on the table this September. "I believe the time to lower the policy rate is drawing closer," he said. Notably, he claimed just two months ago that there would be no rate cuts until late 2024.
The price of Bitcoin surged to an intraday high of $66,129 on the Bitstamp exchange on Wednesday, reaching its highest level since June 20. The leading cryptocurrency has surged more than 23% after hitting a local bottom of $53,550 on July 5.
Bitcoin's rapid recovery in such a short span of time can largely be attributed to strong dip-buying by Bitcoin ETF investors. On Thursday, these products continued to see a strong inflow of資金, with an additional $422 million in fresh money entering the market. Meanwhile, BlackRock's Bitcoin ETF has surpassed $20 billion in assets under management, marking another major milestone.
CryptoQuant CEO Ki Young Ju also recently highlighted that the Coinbase premium has hit a three-month high, indicating that U.S. market sentiment is recovering.
In other news, German authorities have confirmed that they are finished selling their Bitcoin holdings, emphasizing that their sales were "fair" and "gentle."
At the moment, Bitcoin is trading at $65,142 on the Bitstamp exchange, having given up some of its gains due to the underperformance of major U.S. equity indices such as the Nasdaq and the S&P 500.
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