Don't want to trade it yourself?
Our desk runs DEX portfolios on profit share.
Add preferred source
Bitcoin traded at ₩104.49 million (approximately $78,000) on South Korean exchanges on the 14th, down 0.49% from 24 hours earlier, as the market braced for two major events this week. Globally, the cryptocurrency hovered around $76,704, with Ethereum, Ripple, and Solana all posting declines alongside it. The Federal Open Market Committee meeting on the 15th–16th and the Senate procedural vote on the CLARITY Act scheduled for the 15th are seen as the biggest market catalysts. August U.S. PPI data showed both headline and core inflation accelerating, heightening rate-hike concerns, while President Donald Trump’s remarks on Iran pushed oil prices higher and added to inflation worries. Yuya Hasegawa, an analyst at Japanese crypto exchange bitbank, warned that a hawkish FOMC outcome could see Bitcoin break below the $75,500 support level and slide toward $70,000.
Key Elements
Bitcoin extended its downward trend ahead of two major events: the U.S. Federal Open Market Committee (FOMC) policy meeting and a vote on cryptocurrency regulation legislation. As of 8:10 a.m. on the 14th, Bitcoin was trading at ₩104.49 million (approximately $78,000) on South Korean exchange Bithumb, down 0.49% from 24 hours earlier. On global market tracker CoinMarketCap, it was moving around the $76,704 level.
Major altcoins declined in tandem. Ethereum fell 0.50%, while Ripple and Solana dropped 0.76% and 0.51%, respectively. The Fear & Greed Index, which gauges market sentiment, stood at 61, indicating “greed” territory. The so-called kimchi premium was 1.17%, meaning domestic prices in South Korea were slightly higher than overseas levels.
The biggest variable for the cryptocurrency market this week is the FOMC meeting scheduled for the 15th–16th (local time). The Federal Reserve will announce its benchmark rate decision and release its Summary of Economic Projections (SEP), including GDP, inflation, and interest rate forecasts, along with the dot plot.
With the recent surge in international oil prices raising concerns about resurgent inflation, market attention is focused on how the Fed will assess inflationary pressures. If the central bank judges that price increases are stronger than expected, it becomes more likely to keep rates elevated or hike further. Conversely, if disinflationary trends are confirmed, easing rate pressures could provide a tailwind for risk assets including Bitcoin.
Tension Builds After Hot PPI Print
Yuya Hasegawa, an analyst at Japanese crypto exchange bitbank, noted in a weekly report that Bitcoin’s yen-denominated price showed a top-heavy pattern this week. With lingering effects from last week’s U.S. employment data and a falling dollar-yen exchange rate driven by expectations of a Bank of Japan rate hike, yen-based Bitcoin weakened from the start of the week, sliding from ¥12.5 million (approximately $81,000) to near ¥12 million (approximately $78,000).
Selling pressure eased midweek, allowing a modest rebound, but upside momentum was capped after the U.S. Treasury Department’s long-term bond buyback size came in at $6 billion—below the market expectation of $7 billion to $9 billion. The Treasury’s announcement that it would maintain future buybacks at a minimum of $4 billion also dampened hopes for lower rates and improved liquidity.
When August U.S. Producer Price Index (PPI) data released on the 10th showed both headline and core figures accelerating on a year-over-year basis, the market began pricing in a higher probability of an FOMC rate hike. That same day, President Donald Trump signaled that the conflict with Iran would continue past the midterm elections, pushing oil prices higher and sending Bitcoin temporarily down to the ¥11.8 million (approximately $77,000) range.
CLARITY Act Vote and Downside Risks
Regulatory developments in the U.S. are another key variable to watch. On the 15th (local time), a Senate procedural vote is scheduled on the CLARITY Act, which would establish a regulatory framework for the cryptocurrency market. According to crypto-focused outlet CoinDesk, a new draft exceeding 600 pages has been circulating in Congress, with revisions addressing provisions related to decentralized finance (DeFi) and certain activities of traditional financial firms.
However, whether the bill can advance to the next stage remains uncertain. Passing the procedural vote requires 60 votes, and with Democrats demanding bipartisan ethics provisions, securing sufficient support is the key question.
Hasegawa noted that if the CLARITY Act advances to full floor consideration, it would be a positive catalyst for the crypto market, but with the FOMC meeting immediately following, it may not be enough to push Bitcoin significantly higher. Conversely, if the bill fails to advance, the combination of fading regulatory optimism and wariness over a hawkish FOMC could intensify downward pressure.
He particularly highlighted that the PPI report showed not only headline but also core inflation accelerating year-over-year. Given that Fed Chair Waller stated at the Jackson Hole symposium that the central bank is prepared to hike further if inflation reignites, Hasegawa argued that the market should be on guard for rate-hike signals at this FOMC meeting. Even if policy rates are held steady, the dot plot could show more members supporting a hike this year, making a dovish outcome highly unlikely in either scenario, he analyzed.
He added that the U.S. Treasury yield curve also warrants close attention after the FOMC. A hawkish outcome would push rates higher across the curve, but the policy-sensitive short end could rise more than the long end, accelerating bear flattening. While fiscal concerns have not disappeared—with the 30-year Treasury yield hovering near 19-year highs—such worries are unlikely to support Bitcoin prices in an environment where short-term rate pressures dominate.
Where Is the Downside Support?
Hasegawa expects Bitcoin to maintain a top-heavy trajectory this week as the market awaits the FOMC. If hawkish signals emerge—whether through an actual rate hike or an increase in SEP participants supporting a hike this year—short-term rate increases and yield curve flattening could intensify downward pressure on Bitcoin.
The immediate focus is whether Bitcoin can defend the $75,500 level (approximately ₩100 million), the lower bound of its recent high range. A break below this level could trigger a retracement of August’s gains, with the next downside target at $70,000 (approximately ₩94 million), he noted.
Once added, BigGo Finance appears first in Google Search Top Stories, so you get the broadest, most up-to-the-minute, and most comprehensive global financial news first.
Source: finance.biggo.com