Bitcoin Rises Ahead of U.S. Jobs Data, Crypto Fear Index Drops
Bitcoin's price rose in Asia ahead of the release of U.S. nonfarm payrolls data for September. The data will help adjust expectations for the Federal Reserve's future actions. Bitcoin's price rose 0.43% to $85,086.67, with a 24-hour trading volume of 1.98% and a 24-hour change of 1.55B.
The CSOP 2x Long MSTR ETF (07799) surged over 8% on a double-long position, while the 10-year U.S. Treasury yield spiked and then retreated. Spot Bitcoin ETFs continued to see inflows.
The crypto fear and greed index dropped to 72, with market 'greed' sentiment cooling down. The index takes into account indicators such as volatility, market trading volume, social media heat, market surveys, and Google hot word analysis.
Economist Amos pointed out that only Michael Saylor can master MicroStrategy's highly leveraged Bitcoin model, predicting that Bitcoin could reach $1.6 million by 2030. The model is influenced by Federal Reserve policy and the halving cycle.