On October 30th, according to alternative data, the Fear and Greed Index of cryptocurrencies today is 34, suggesting a “fear” state in the market. The Federal Reserve cut interest rates by 25 basis points on October 30th, entering a new round of easing. However, the market response was unexpected. Instead of rising, Bitcoin fell. This was mainly due to market doubts about Powell’s “cautious easing” stance and concerns about global economic growth. The market had already priced in the rate cut expectations, resulting in a classic “buy the rumor, sell the news” situation. Moreover, the leverage scale of Bitcoin is close to $40 billion, and any small movement could be magnified, causing significant price fluctuations. Analysts at BiyaPay pointed out that although there is short-term downward pressure in the market, in the long run, ETF funds continue to flow in, and the institutional demand for crypto assets remains strong. BiyaPay supports USDT trading for US stocks, Hong Kong stocks, futures, and provides zero fee trading for digital currency spot contracts. As market sentiment gradually stabilizes, investors can seize future opportunities for an uptrend through the BiyaPay platform and enjoy a convenient digital asset management experience.
