Despite Nvidia's strong performance, Bitcoin falls on weakened expectations for interest rate cuts.

Source: DecenterKorea Original Title: Despite NVIDIA's strong performance… Bitcoin falls on weakened expectations for interest rate cuts [Decenter Market Trends] Original Link: https://www.decenter.kr/NewsView/2H0IZYZEBM/GZ03

As of 8 AM on the 20th, the price of Bitcoin (BTC ) on Bithumb has recorded a decrease of 1.15% compared to the previous day, reaching 134.9 million won.

Bitcoin ( BTC ) has come under downward pressure again due to weakened expectations for interest rate cuts from the Federal Reserve ( Fed · FOMC ). NVIDIA's third-quarter performance significantly exceeded expectations, temporarily calming the anxiety surrounding risk assets, but market attention has shifted back to monetary policy variables, limiting upward momentum.

According to CoinMarketCap, a global cryptocurrency market tracking site, as of 8 AM on the 20th, Bitcoin(BTC) traded at $93,324.97, down 3.02% from 24 hours ago. Ethereum(ETH) traded at $2,979.53, down 4.62%. XRP( traded at $2.092, down 6.01%, while BNB) recorded a decline of 4.52% to $891.66. Solana(SOL) is trading at $135.41, down 4.21%.

The domestic market is also on a downward trend. At the domestic cryptocurrency exchange Bithumb, BTC recorded a drop of 1.15% from the previous day, priced at 134.9 million won. ETH fell 2.35% to 4.448 million won, XRP decreased by 1.42% to 3,117 won, and SOL is trading at 201,700 won, down 1.22%.

NVIDIA announced on the 19th that its third-quarter revenue reached $57.01 billion, marking a 62% increase compared to the previous year. Data center revenue was reported at $51.2 billion, and the revenue guidance for the fourth quarter was presented as $63.7 billion to $66.3 billion. After the market closed, the stock rose by over 4% in after-hours trading, reaffirming strong demand for artificial intelligence AI. As a result, BTC, which had fallen to $88,000 earlier that morning, recovered back to $90,000.

However, the minutes of the Federal Open Market Committee meeting released on this day in October indicated that the prevailing opinion was to keep the benchmark interest rate unchanged in December, leading to a drop in BTC prices. The minutes stated, “Many participants expressed the view that maintaining the benchmark interest rate for the remainder of the year would be appropriate in light of their respective economic outlooks.” On the other hand, some participants suggested that a rate cut in December would be appropriate if the economic situation changes in line with their expectations, according to the minutes. The minutes specified that participants' forecasts for the December decision were highly divergent.

The prices of major cryptocurrencies, including BTC, are once again on the decline due to weakened expectations for interest rate cuts. The market anticipates that uncertainty in monetary policy will act as a key variable for short-term price fluctuations.

The investment sentiment in cryptocurrencies is still in a state of 'extreme fear'. The Fear and Greed Index from the cryptocurrency data analysis company Alternative.me has risen by 4 points to 15 points compared to the previous day. This index indicates that the closer it is to 0, the more the investment sentiment is retracted, while the closer it is to 100, the more it indicates market overheating.