According to BlockBeats, citing CoinDesk, the Chicago Board Options Exchange Volatility Index (VIX) surged 74% yesterday, the largest single-day increase since February 2018 and the second highest in history. Analysts pointed out that the surge was caused by the market panic caused by the Federal Reserve's 25 basis point interest rate cut and Powell's hawkish remarks, which caused Bitcoin to fall below $100,000 and U.S. stocks to fall by about 3%.
Historical data shows that a sharp surge in VIX often indicates that Bitcoin has hit a local bottom. For example, after VIX soared 116% in February 2018, Bitcoin rebounded from US$6,891 to more than US$11,000. When VIX rose 65% in August 2024, Bitcoin rebounded from US$54,000 to US$64,000.
