Greed

Reserve

Jerome Powell

Chair

Bitcoin (BTC) once again seized the spotlight of the global financial market by reaching a new record high of over $69,000 level, which was last seen in November 2021. However, BTC’s <a href="https://news.todayq.com/bitcoin-bulls-buy-big-builds-support-wall-above-60k/" rel="noopener noreferrer nofollow">bull rally</a> coincides with major central banks contemplating interest rate cuts over inflationary trends. The impending decision is expected to even make or shake the ongoing momentum of the crypto market. Can Bitcoin maintain this surge? 
The world’s biggest digital asset price has surged by more than 51% in the last 30 days. Analysts attribute Bitcoin’s rally to huge investments pouring into US <a href="https://news.todayq.com/options-on-spot-bitcoin-etf-coming-next-grayscale-makes-move/" rel="noopener noreferrer nofollow">spot bitcoin ETFs</a> launched this year. This signals a renewed influx of funds despite past market challenges. As BTC is hitting back to back unprecedented highs, investors are grappling with queries about the sustainability of this rally.
Bitcoin price added another gain of 8% in the last 7 days despite recording massive correction and price fluctuation. BTC took a dive to the $61,000 price level after breaching $69,000 this week. However, it saw a good recovery riding on the positive momentum.
BTC is trading at an average price of $67,446, at the press time. Its 24 hour trading volume is down by 20% to stand at $40.8 billion. Its market cap stands at around $1.35 trillion, making Bitcoin one of the most demanded assets in the market.
Amidst Bitcoin’s resurgence, an index tracking the bottom half of the largest 100 digital assets has outperformed Bitcoin. It surged by approx 60% over the past month. This trend suggests a shift among investors towards smaller cryptos. This is done in anticipation of them testing all-time highs. While Bitcoin dominance remains strong, there are signs of a rotation as smaller tokens gain traction.&nbsp; Fear and Greed index goes extreme 
Watching the current sentiment of the market, the fear and greed index is also hitting new highs. As of now, this index is showing extreme greed in the crypto market with a flashing of 89 points.
The upcoming Tuesday’s US inflation report for February is poised to impact market expectations. If we particularly talk about this, the Federal Reserve’s stance on interest rates will be the interest point of every investor and trader.&nbsp;
With January’s CPI exceeding predictions with a 0.3% rise, analysts are anticipating a 0.4% uptick in February. Investors keenly await insights into whether the Federal Reserve will initiate interest rate cuts as concerns linger about economic strength and potential inflation resurgence. Federal Reserve Chair Jerome Powell recently indicated that rate reductions could be considered later in the year if confidence in inflation’s downward trajectory solidifies.
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Crypto Fear and Greed Index hits extreme amid looming Inflation report

Todayq News

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