Bitcoin climbs back above US$23,000 as most top 10 crypto tokens gain ground

Bitcoin prices climbed above $23,000 in trading on Wednesday morning in Asia. Ether and other top 10 unstable cryptocurrencies also bounced back from yesterday’s losses amid strong gains in US stocks in January and optimism that the US economy is heading towards a soft landing. The top memecoin is Dogecoin, its longtime advocate and Twitter Inc. He led the pack, continuing to capitalize on Monday’s reports that his boss, Elon Musk, wanted to bring payment systems to the social media platform.

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fast facts

  • Bitcoin reached US$23,133, up 1.3% in 24 hours to 8 am in Hong Kong, bringing its gains to 2.2% in the last seven days. According to data from CoinMarketCap, Ether was up 1.2% to reach $1,586, up 1.9% for the week.

  • Dogecoin rose 8.7% to reach $0.09, up 14.3% weekly. While Monday’s report focused on adding fiat payments to Twitter, Musk left the door open for this to be extended to cryptocurrency as well.

  • Cardano rose 8.7% over the past seven days to reach $0.39, up 4.8%. Polygon was up 2.1% to $1.11 for a strong weekly gain of 16.11%. Solana fell less than 0.1% to $23.94, the only token on the top 10 list, but still up 5.1% over the week.

  • Crypto market cap rose 1.4% to $1.05 trillion, while total trading volume fell 17.1% to $47.26 billion.

  • US stocks rose on Tuesday. The Dow Jones Industrial Average finished the day up 1.1%, the S&P 500 Index 1.5% and the Nasdaq Composite Index 1.7%.

  • Tuesday’s performance wraps up a strong first month of 2023 for equity markets. The S&P 500 rose 6.2% in the last 31 days for its best start to the year since 2019, while the Nasdaq rose 10.7% over the same period, reaching its best January since 2001.

  • Markets rose on strong gains as Exxon Mobil Corp and Pfizer Inc. posted record profits amid rising oil prices and continued Covid-19 vaccine production.

  • The US Federal Reserve decides interest rates at 2:00 PM Eastern Time on Wednesday. Analysts at CME Group overwhelmingly expect the Fed to raise rates by 25 basis points, breaking the streak of 50 and 75 basis points since March last year.

  • The Fed’s aggressive rate hikes last year seem to be having the desired effect on slowing inflation. In December, the US consumer price index rose 6.5% year-on-year, well below November’s 7.1%, posting the biggest monthly decline since April 2020.

  • Apple Inc., Amazon.com Inc. and the search engine Google’s parent company Alphabet Inc. Earnings are coming this week from tech leaders, including Non-farm employment data, another important inflation indicator, will also be released on Friday.

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See related article: Weekly crypto product investment in January hits highest level since July, according to CoinShares report

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