Cryptocurrency rebounds on expectations of interest rate cuts···XRP surges 8%

Source: DecenterKorea Original Title: Expectations of interest rate cuts boost cryptocurrency rebound···XRP surges 8% [Decenter Market Report] Original Link:

As of 8 AM on the 25th, Bitcoin(BTC) recorded a decline of 0.42% compared to the previous day, reaching 133,038,000 won in domestic cryptocurrency exchanges.

As expectations for an interest rate cut next month grow, the cryptocurrency market continues to rebound. In particular, altcoins are leading the rally, with the third-largest cryptocurrency by market cap, XRP(, surging about 8% in just one day.

As of the global cryptocurrency market conditions on the 25th, Bitcoin)BTC( was traded at $88,654.68, up 0.9% from 24 hours ago. This is more than a 10% rebound compared to the low point it fell to in the low $80,000s last week.

Altcoins have shown a higher rate of increase than BTC, leading the market rebound. The leading altcoin, Ethereum)ETH(, rose by 4.32% and traded at $2958.99.

XRP ) has recorded a surge of 7.91% to reach $2.240. This is a 22% rebound from the price which had fallen to the $1 range last week. A coin from a major exchange, BNB (, has risen by 1.44% to $865.78. Solana ) is trading at $139.03, up by 4.61%.

The domestic market showed a similar trend. On domestic cryptocurrency exchanges, BTC recorded a decrease of 0.42% compared to the previous day, standing at 133,038,000 won. ETH rose by 3.04% to 4,439,000 won, while XRP increased by 6.86% to 3,365 won.

The expectation of a rate cut by the U.S. Federal Reserve ( Fed·FOMC ) in December has led to a rebound in the cryptocurrency market. Christopher Waller, a Fed governor, stated in an interview on the 24th ( local time ) that “despite the employment data in September, the labor market remains weak and there is no evidence of recovery,” adding that he “supports a rate cut next month.” Waller is also mentioned as a strong candidate to succeed Jerome Powell, the Fed chair, whose term expires next year.

Following the remarks of Director Waller, expectations for a rate cut in December have rapidly expanded. The futures market estimated the probability of a 0.25% cut in December, which soared from 71.0% on the 21st to 84.4% on that day.

However, the investment sentiment in cryptocurrencies remains in a state of 'extreme fear.' The Fear and Greed Index from a cryptocurrency data analysis company has risen by 6 points to 19 points compared to the previous day. This index indicates that the closer it is to 0, the more the investment sentiment is weakened, while the closer it is to 100, the more it indicates market overheating.