Bitfinex Report: Risk Appetite Has Returned to Bitcoin

2024-08-26 19:56:36

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ChainCatcher message, Bitfinex Alpha research report shows that with Federal Reserve Chairman Jerome Powell's comments at Jackson Hole hinting at a possible rate cut, risk assets have generally risen, and BTC surged to $65,000.

This statement led to a decline in the dollar, boosting the stock market, with the S&P 500 index nearing historical highs. Bitcoin, which had lagged behind the stock market, saw a significant increase of 6.06% in a single day, marking its second-largest single-day gain since May.

This rise occurred against the backdrop of an increasingly positive correlation between Bitcoin and the U.S. stock market. Since hitting a low in early August, Bitcoin has been relatively weak compared to stocks. Friday's price surge also witnessed a sharp increase in correlation, indicating that risk appetite has returned to the Bitcoin market.

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