Bitcoin, which surpassed $87,000 for the first time in about eight months, has retreated to the $82,000 range. This decline is attributed to heightened concerns over potential additional interest rate hikes by the U.S. Federal Reserve, as well as investor caution ahead of the upcoming consumer price index (CPI) report.
As of 8 a.m. on October 13, Bitcoin was trading at $82,374, down 1.42% from the previous day, according to CoinMarketCap, a global cryptocurrency market site.
Major altcoins also experienced declines. Ethereum, the second-largest cryptocurrency by market capitalization, fell 2.04% to $2,480. Ripple (XRP) dropped 3.98% to $1.35, while Solana decreased by 3.98% to $106.73. Binance Coin (BNB) was recorded at $741.01, down 1.56%.
Market analysts believe that the possibility of further interest rate hikes in the U.S. is weighing on the cryptocurrency market. On October 12, Federal Reserve Bank of Cleveland President Loretta Mester stated at the National Association for Business Economics annual meeting in Cleveland, Ohio, that "it is preferable to make relatively quick, small adjustments rather than risk needing a larger course correction by delaying adjustments."
Additionally, investor sentiment has turned cautious ahead of the U.S. CPI report scheduled for October 14. The inflation data could significantly influence market expectations regarding the Fed's future monetary policy.
Meanwhile, in the domestic cryptocurrency exchange market, Bitcoin was traded at 111.67 million won (approximately $83,589), down 0.77% from the previous day. The 'Kimchi premium,' which indicates the extent to which domestic prices exceed international prices, was recorded at 1.736%.
* This article has been translated by AI.
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