Bitcoin showed strength in the $84,000 range, buoyed by improved investor sentiment towards risk assets. The rise is supported by strong earnings from U.S. companies and inflows into Bitcoin spot exchange-traded funds (ETFs), while the market is focused on the upcoming U.S. interest rate decision next week.
According to CoinMarketCap, Bitcoin was trading at $84,460.51, up 1.69% from the previous day as of 8 a.m. on the 22nd.
Major altcoins also saw gains. Ethereum rose 1.11% to $2,484.63, while Ripple (XRP) increased by 2.61% to $1.37. Solana was up 0.55% at $107.47, and Binance Coin (BNB) traded at $748.76, a 0.95% increase.
The preference for risk assets has returned, likely due to strong earnings from U.S. companies, particularly in the AI sector. SpaceX reported third-quarter revenue of $14.58 billion, a 161% increase year-over-year, and AI server company Supermicro also raised its revenue outlook.
Funds have also flowed into Bitcoin spot ETFs. The U.S. Bitcoin spot ETF recorded net inflows of $526.7 million on the 19th and $23.2 million on the 20th, totaling $549.9 million over two days.
The market is also paying attention to the results of the Federal Open Market Committee (FOMC) meeting scheduled for October 27-28. A Reuters survey conducted from October 16-20 among 100 economists found that 94 expected the interest rate to remain unchanged this month. However, many anticipate a rate hike in December, maintaining caution about further tightening.
In the domestic market, Bitcoin also rose. As of 8 a.m., it was trading at 11,235,000 won on Upbit, up 1.79% from the previous day. The 'Kimchi Premium,' which indicates the extent to which domestic prices are higher than overseas, was recorded at 0.313%.
* This article has been translated by AI.
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