Analysis: The sharp rise in the VIX index may indicate that Bitcoin has reached a stage bottom

The Chicago Board Options Exchange Volatility Index (VIX) surged 74% yesterday, the largest single-day gain since February 2018, the second highest in history, and the second largest gain in the history of the index. VIX is an indicator of market panic and expected volatility in the next 30 days. Historically, a sharp rise in VIX marks a local bottom for Bitcoin and the S&P 500. Analysis pointed out that the surge was caused by the market panic caused by the Federal Reserve's 25 basis point rate cut and Powell's hawkish remarks, causing Bitcoin to fall below $100,000 at one point and U.S. stocks to fall by about 3%. (CoinDesk)