Bitcoin has seen a slight increase, hovering around $81,000. The cryptocurrency's performance is being affected by higher-than-expected inflation rates in the U.S. and escalating military tensions between the U.S. and Iran, which have dampened investor sentiment.
According to CoinMarketCap, as of 8 a.m. on October 20, Bitcoin was trading at $81,959, up 0.36% from the previous day.
Market analysts suggest that inflationary pressures in the U.S. and geopolitical uncertainties in the Middle East are limiting the rebound in cryptocurrency prices. The recently released Consumer Price Index (CPI) for September showed a 0.6% increase from the previous month and a 3.7% rise compared to the same month last year. The core CPI also rose by 0.3% month-over-month, raising concerns about potential further interest rate hikes by the Federal Reserve.
Additionally, the possibility of renewed military conflict between the U.S. and Iran is weighing on investor sentiment. On October 18, President Donald Trump publicly supported Israeli Prime Minister Benjamin Netanyahu via Truth Social, sending a warning message to Iran.
The CoinMarketCap 'Fear and Greed Index' stood at 49, indicating a 'neutral' sentiment. A score closer to 0 signifies extreme fear, while a score near 100 indicates extreme greed.
Major altcoins also experienced slight gains. Ethereum rose by 0.49% to $2,404.45, while Ripple (XRP) increased by 0.24% to $1.30. Solana and BNB also saw gains of 1.26% and 1.59%, trading at $105.07 and $730.92, respectively.
At the same time, Bitcoin was trading at 11,042,400 won (approximately $82,807) on the domestic exchange Bithumb, reflecting a 0.16% decrease from the previous day. The Kimchi Premium, which indicates the price difference between domestic and international markets, was recorded at 1.119%.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.