Bitcoin has risen above the $80,000 mark, buoyed by an improvement in the U.S. Consumer Confidence Index. However, investor sentiment in the cryptocurrency market remains neutral ahead of the Federal Open Market Committee (FOMC) announcement.
According to CoinMarketCap, as of 8 a.m. on October 28, Bitcoin was trading at $80,808, up 1.20% from the previous day.
Major cryptocurrencies also saw gains. Ethereum rose 1.63% to $2,346, while Ripple (XRP) increased by 2.70% to $1.32. Solana traded at $101.13, up 0.97%, and Binance Coin (BNB) was up 0.46% at $744.26.
The rise in the Consumer Confidence Index, which exceeded market expectations, is believed to have influenced cryptocurrency prices. On October 27, the Conference Board reported that the index for October stood at 91.7, a 7.5-point increase from September's 84.2. This marks the highest level since June and significantly surpasses the Dow Jones forecast of 81.
The present situation index, reflecting current business and labor market conditions, rose 8.6 points to 120.4. The expectations index, indicating short-term outlook, increased by 6.9 points to 72.6, breaking a three-month decline.
Despite the positive consumer sentiment, the market is adopting a cautious stance ahead of the FOMC results. The Federal Reserve is expected to announce its interest rate decision after its meeting on October 28, with analysts predicting that the current rate of 3.75% to 4.00% will remain unchanged.
Investor sentiment is currently neutral, as indicated by CoinMarketCap's Fear & Greed Index, which stands at 45.
In the domestic market, Bitcoin prices also increased. At the same time, Bithumb reported Bitcoin trading at 10,774,000 won, up 0.57% from the previous day. The 'Kimchi Premium,' which reflects the price difference between domestic and international markets, was recorded at 0.47%.
* This article has been translated by AI.
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