Bitcoin Fear & Greed Index Enters ‘Fear’ Zone, Then Shows Signs of Recovery
- Patricia ArquetteOriginal
- 2024-10-05 21:50:16474browse
On Friday, Bitcoin Fear & Greed Index entered the “fear” zone, dropping to 37, according to CryptoQuant data. However, on Saturday morning, the index
Bitcoin price rose on Friday after a stronger-than-expected U.S. jobs report showed a net gain of 254,000 jobs in September. Economists had expected a gain of 140,000 jobs.
The unemployment rate edged down to 4.1% in August from 4.2%. Economists had expected the unemployment rate to hold steady at 4.2%.
Bitcoin was last up 3% on the day at $62,100. The world's largest cryptocurrency by market cap had earlier hit a session high of $62,300.
The jobs report comes as the U.S. central bank is expected to raise interest rates by 75 basis points at its upcoming meeting on Nov. 1-2.
Bitcoin price movements
The jobs report is also being watched for signs of inflation. The consumer price index, a measure of inflation, rose 0.4% in August on a month-over-month basis, compared with expectations of a 0.3% increase.
On a year-over-year basis, CPI rose 8.2% in August, above economists' estimates of an 8.1% rise and slowing from the 9.1% print in June.
Bitcoin, which is known for its price volatility, has risen about 11% so far in October. But the cryptocurrency is still down more than 60% from its all-time high of nearly $70,000, hit in November last year.
Institutions sell, BlackRock buys
Institutions appeared to be selling their Bitcoin holdings last week as the price of the apex crypto remained largely unchanged, a report by Farside Investors showed Monday.
Of the nine institutional Bitcoin exchange-traded products, only one bought BTC last week. BlackRock (BLK) was the sole buyer, adding $40.8 million to its Impact Beta Equity ETF (PIE) on Oct. 1.
Coinbase Global (COIN) and ProShares also did not make any transactions in their respective ETFs.
The above is the detailed content of Bitcoin Fear & Greed Index Enters ‘Fear’ Zone, Then Shows Signs of Recovery. For more information, please follow other related articles on the PHP Chinese website!