Coin Market Investment Sentiment Index “State of Fear”
US hints at interest rate hike to curb inflation [Edaily Choi Hoon-gil] Investor sentiment in the coin subsided after Federal Reserve Chairman Jerome Powell made hawkish remarks.
According to the words of Federal Reserve Chairman Jerome Powell, the New York Stock Exchange and the coin market are fluctuating.
According to CoinMarketCap, a cryptocurrency market site on the 22nd, at 8:20 a.m. on the same day, Bitcoin was down 0.73% to $41,088 from the previous day. Altcoins showed mixed results, with Avalanche rising 1.09% while Solana fell 0.61%. As of todays domestic Upbit standard, Bitcoin recorded 50.14 million won, down 0.64% from the previous day.
According to Alternative, a virtual asset data research company, the ‘fear and greed index’, which indicates investment sentiment in the coin market, recorded 30 as of the 21st. This is similar to the previous day. In the index, the closer the index goes to 0, the closer the market sentiment is to extreme fear, and the closer it is to 100, the more it means extreme optimism.
The digital asset psychology index provided by Dunamu, which operates Upbit, was 51 points as of the 21st, indicating a neutral level. This is the same as the previous day. This index is for 111 coins listed on the Upbit KRW market before February 2021. A value of 0 indicates a contraction of the market as ‘very fear’, and a value of 100 indicates a boom in the market as ‘very greed’.
According to Coinwords, a cryptocurrency mining information site, the Bitcoin hash rate recorded 204.02 EH/s on the 21st. This is down from the day before. Hash rate refers to the computational processing power mobilized to mine Bitcoin. In general, the lower the hash rate, the lower the difficulty of mining, which increases the supply and increases the likelihood that the price of Bitcoin will fall.
The decline in the coin price seems to have been influenced by Chairman Powells remarks. Chairman Powell said at the National Real Economic Association conference in Washington, DC on the 21st that he was prepared to raise the benchmark interest rate by 50 basis points to contain high inflation.
After the remarks came out, the New York Stock Exchange also fell further in the afternoon. The Dow Jones Industrial Average closed at 34,552.99, down 0.58% from the previous trading day. The Standard & Poors 500 index fell 0.04% to 4461.18. The Nasdaq Composite fell 0.40% to close at 13,838.46. The S&P and Nasdaq indices fell in five trading days. In addition, the small-cap Russell 2000 index fell 0.97%.
