- It was reported that the CBOE Volatility Index soared 74%, leading to analyses suggesting that Bitcoin and the S&P500 have formed a short-term bottom.
- Following Powell's hawkish remarks, the Dollar Index surged to 108, indicating a short-term bottom signal.
- Past instances of VIX surges where Bitcoin fell and then rebounded were mentioned, advising investors to be cautious.
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Following the Federal Reserve Bank's rate cut and Powell's hawkish remarks last night, the New York Stock Exchange Volatility Index (CBOE VIX) showed its largest surge since February 2018, leading to analyses suggesting that both Bitcoin (BTC) and the New York Stock Exchange have formed a short-term bottom.
On the 19th (local time), cryptocurrency specialist media CoinDesk reported, "After Powell's hawkish remarks, the CBOE Volatility Index soared more than 74%, causing Bitcoin to briefly fall below $100,000, and the Dollar Index surged to 108. Historically, a significant spike in the VIX suggests the formation of a short-term bottom."
On February 5, 2018, when the VIX index skyrocketed (116% increase), Bitcoin plummeted 16% to form a bottom region at $6,891, and subsequently rose over $5,000 by February 20.
Even on August 5, when the VIX rose 65% due to the unwinding of yen carry trades, Bitcoin fell about 6% to record a regional bottom at $54,000, then recovered to the $64,000 level over the next 15 days until the 23rd.
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