Analyst: The VIX Index's Second-Biggest One-Day Gain in History Yesterday Signals Bitcoin May Have Hit a Local Bottom
The Chicago Board Options Exchange Volatility Index (VIX) reportedly surged 74% on 18 December, marking the largest one-day increase since February 2018 and the second highest in history. Analysts say the spike stemmed from market fears triggered by the Fed's 25-basis-point rate cut and Powell's hawkish comments, which led to Bitcoin falling below $100,000 at one point and U.S. stocks dropping by about 3%. Historical data shows that large spikes in the VIX often signal that bitcoin has hit a local bottom, such as in February 2018, when bitcoin rallied from $6,891 to more than $11,000 after the VIX surged 116%, and in August 2024, when the VIX rose 65%, bitcoin rallied from $54,000 to $64,000.
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