Daily Times

Bitcoin continued to drift back towards $20k yesterday, as investors brace for the US Federal Reserve’s expected 75 basis point rate hike. The largest cryptocurrency by market cap was changing hands at about $21,368 at time of writing, up about 1 per cent over the past 24 hours but down more than 8 per cent since this time last week. Other major cryptocurrencies also had a bit of a rollercoaster day, with Ethereum sinking as low as $1362 at one point. It’s since recovered to $1463 at time of writing, up 3 per cent since this time yesterday. The Fear and Greed Index, which measures investor sentiment, briefly hit a high of 34 last week as the strong recovery in the crypto market spurred increased optimism among investors. It’s dropped back somewhat since, down to 28 today. It’s still way above last month’s lows, but there still seem to be some nerves out there about where we’re heading next.