At 11:42 am, Bitcoin was up 0.23% at $96,421, after hitting a daily low of $93,629 due to macroeconomic uncertainties, including South Korea’s brief imposition of martial law. On Upbit, a large Korean exchange, BTC momentarily fell to $63,000 before regaining value, according to Vikram Subburaj, CEO of Giottus.
“The crypto market regained stability after South Korean President Yoon Suk-yeol reversed his martial law declaration within six hours of imposing it. The initial announcement caused a 30% flash crash on Upbit, South Korea’s largest exchange, while Bitcoin dropped to $93.5K on international exchanges, sparking widespread investor panic. Meanwhile, global sentiment improved as Donald Trump appointed Paul Atkins, a pro-crypto advocate, as the new head of the SEC, raising hopes for more favourable US regulatory policies,” CoinSwitch Markets Desk said.
On the macroeconomic front, investors are awaiting further signals to assess the Federal Reserve’s policy direction. The November employment report, due on Friday, is highly anticipated.
Data released on Tuesday showed US job openings increased solidly in October, while layoffs dropped to their lowest in 1.5 years, indicating that the labour market continued to slow in an orderly manner. However, a separate survey showed that employers remained cautious about hiring additional workers.
Markets are now pricing in a 72% chance of a 25-basis-point rate cut this month, with 80 basis points of cuts expected by the end of next year. US central bankers have expressed confidence that inflation is heading toward the 2% target and have signalled support for additional rate cuts, though none have strongly advocated or voiced against action at their upcoming meeting.The focus now shifts to Fed Chair Jerome Powell, who is expected to deliver his final public remarks before the next Federal Open Market Committee meeting.Also Read: Bitcoin may crash to $60K, predicts ‘Rich Dad Poor Dad’ author Robert Kiyosaki
Meanwhile, Edul Patel, CEO of Mudrex, said, “Grayscale filing for spot Solana ETF and Blackrock increasing its Bitcoin holding to $48 billion has boosted the overall market sentiment, showing strong institutional interest in crypto. BTC faces resistance at $97,800 with support remaining at $95,000.”
Other major cryptocurrencies posted gains, including Solana (3.3%), BNB (15.5%), Tron (66%), Avalanche (3.5%), Toncoin (5.37%), and Shiba Inu (1%).
“More than $600 million in derivative-based liquidations occurred yesterday (Tuessay), with leveraged long positions accounting for 62%. ‘Extreme Greed’ sentiment persists in the market, as the Crypto Fear and Greed Index rose marginally from 76 to 78. Altcoins will likely have further upside in the short term if Bitcoin holds $95,000,” Giottus CEO said.
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