Bitcoin and Ether recovered ground, with most other top 10 crypto tokens little changed during early Thursday morning trading in Asia. Bitcoin moved back above US$20,000 after breaking through this resistance level overnight. Global macroeconomic headwinds continue to weigh on crypto and capital markets.
See related article: Markets: Bitcoin trades above US$20,000, Ether slips, Cardano gains
Fast facts
- Bitcoin was up 1.3% in the past 24 hours to hit $20,044 as of 8 a.m. in Hong Kong, while Ether gained 1.9% to hit $1,552, according to data from CoinMarketCap.
- Most of CoinMarketCap’s other top 10 tokens by market capitalization were little changed, with XRP up 0.3% to $0.32. Cardano lost the most ground on the list, falling 1.2% to change hands at US$0.44.
- The total crypto market capitalization has fallen 55% since the start of this year and has recently struggled to stay above US$1 trillion. It stood at $975 billion just before business hours in Hong Kong.
- US equities have continued their descent since last Friday when the Federal Reserve indicated that its aggressive strategy of raising interest rates would continue until inflation hits a target rate of around 2%. The Dow Jones Industrial Average and S&P 500 Index both closed down about 0.8% on Wednesday, while the Nasdaq Composite Index ended the day down 0.6%.
- So far, this year has been the worst in at least 50 years for stock and bond market returns, according to analysts at Bespoke Investment Group. For the year, the Dow Jones is down 13.9%, the S&P 500 fell 17.5% and the Nasdaq lost 25.4%
- Investors continue to be wary of China’s poor economic performance as millions of its people have been placed under strict lockdowns in cities including Shenzhen, Guangzhou, Dalian, Chengdu and Shijiazhuang under the zero policy. -Government Covid.
See related article: Fed Inflation Fight Hits Crypto Market As Pressure Mounts
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